we interrupt this transmission for a news flash...
Jobless Claims Fall to Four-Year Low
http://biz.yahoo.com/ap/050825/economy.html?.v=12
Thursday August 25, 2:40 pm ET
Unemployed Workers Receiving Jobless Benefits Falls to Four-Year
Low
WASHINGTON (AP) -- The number of people receiving unemployment
benefits reached a four-year low last week, fresh evidence of a
strengthening economy.
The number of laid-off workers receiving jobless benefits averaged
2.58 million over the four weeks ending last week, the lowest
four-week average since March 2001, the Labor Department reported
Thursday.
For just last week, the number of newly laid off workers applying
for benefits fell by a better-than-expected 4,000 from the previous
week to 315,000, the lowest level for new claims since the first
week in August.
Analysts said both the drop in total benefits being paid and the
decline in new benefit applications pointed to an economy that was
continuing to create jobs.
"The small drop in claims this morning provided some reassurance
to equity market investors that we are likely to repeat rather than
retreat from last month's outsized employment gain," said Anthony
Chan of J.P. Morgan. Chan added the claims data appears to have
calmed the market's nerves after a negative durable goods
report.
"The general message from the claims numbers as well as just about
every other indicator we have seen over the past couple of months
is that the economy is still growing at a very nice clip," said
Nariman Behravesh, chief economist at Global Insight, an economic
forecasting firm in Lexington, Mass.
"So far, the surge in oil prices has yet to do any significant
damage to the broader economy," said Mark Zandi, chief economist at
Economy.com, another forecasting firm. "We may see some softening
in the consumer spending numbers soon, but unless that translates
into a weaker job market, the economy should be able to weather
these higher energy prices."
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