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June 23, 2005

Afternoon Cowbell Delight: Jobless Claims Plunge

Whoops:

The number of Americans seeking new claims for jobless benefits fell by a larger-than-expected 20,000 last week to the lowest level in two months, the government said Thursday.

...

The drop exceeded Wall Street forecasts for a dip to 330,000 from the original reading of 333,000 in the week ended June 11. The decline brought the claims to their lowest level since 299,000 in week ended April 16.

A Labor Department analyst said there were no special factors behind the drop.

That last bit is notable, as there are frequently techinical (i.e., illusory) reasons for sudden spikes or drops in the jobless rate, and apparently they're not applicable here.



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posted by Ace at 12:36 PM

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