posted on Feb, 17 2005 @ 11:52 AM
Unemployment claims lowest in four years!
The number of laid-off workers filing new claims for unemployment benefits fell for a third straight week, dropping to the lowest level in more than
four years, the Labor Department reported Thursday.
A total of 302,000 Americans filed applications for jobless benefits last week, down 2,000 from the previous week on a seasonally adjusted basis. The
level was the lowest since Oct. 28, 2000, in the closing months of the country's record 10-year economic expansion.
Analysts said the decline in claims provided further evidence that the labor market is continuing to show improvements with fewer layoffs and more
companies deciding to hire new workers.
The four-week moving average for unemployment claims, which smooths week-to-week volatility, also fell last week, dropping to 311,750, lowest level
since Nov. 4, 2000.
However, in 2004, payroll jobs increased by 2.2 million, after three years of job losses, and last month's job gains allowed President Bush to escape
the dubious distinction of being the first president since Herbert Hoover to experience a net job loss during his first term in office.