Jobless claims, still dire, fell last week

The number of Americans who filed for first-time jobless benefits fell by 14,000 to 529,000 in the week ended Nov. 22, according to the Department of Labor. The number of claims filed the week of Nov. 15 was upwardly revised to 543,000, the highest total since July 1992 when 564,000 claims were filed. The four-week average for first-time claims rose to 518,000. The number of continuing jobless claims fell to 3.96 million for the week ended Nov. 15, down from the 26-year high of 4.01 million that was reached the previous week. In more grim economic news, consumer spending — which represents roughly two-thirds of the gross domestic product — fell 1% in October, marking the largest decline since the economy reeled from the terrorist attacks of Sept. 11, 2001. On a brighter note, personal incomes increased 0.3% in October, which is slightly larger than the 0.1% increase that had been expected, according to data from the Department of Commerce. On Tuesday, the government reported that the gross domestic product posted a decline of 0.5% in the third quarter, which was revised from the previously estimated 0.3% decline.