Weekly U.S. initial jobless claims drop by 12,000: MarketWatch - Bulletin | Market Pulse

By
Jeffry Bartash
WASHINGTON (MarketWatch) - New applications for unemployment
compensation fell by 12,000 last week to 409,000, the Labor Department
said Thursday. Initial claims from two weeks ago were revised up to
421,000 from an original reading of 417,000. Economists surveyed by
MarketWatch had expected new requests for jobless benefits to drop to
405,000 in the week of Aug. 27 on a seasonally adjusted basis. The
average of new claims over the past four weeks, meanwhile, rose by 1,750
to 410,250. The monthly average is seen as a more accurate gauge of
labor trends because it smoothes out volatility in the week-to-week
data. About 7.34 million people received some kind of state or federal
benefit in the week of Aug. 13, up 45,531 from the prior week. The
number of Americans who continue to receive regular state unemployment
checks decreased by 18,000 to 3.74 million in the week ended Aug 20.