MW: U.S. weekly jobless claims drop 25,000 to 370,000
By Jeffry Bartash
WASHINGTON (MarketWatch) - Applications for U.S. unemployment benefits fell by 25,000 to a seasonally adjusted 370,000 in the week ended Dec. 1, the Labor Department said Thursday. That's the third straight decline and lowest reading in one month. Initial claims from two weeks ago were revised up to 395,000 from an original reading of 393,000, based on more complete data collected at the state level. Economists surveyed by MarketWatch expected claims to fall to 375,000 as effects of Hurricane Sandy evaporate. Claims soared after the superstorm battered the mid-Atlantic in late October. The average of new claims over the past month, meanwhile, edged up by 2,250 to 408,000. The four-week average reduces seasonal volatility in the weekly data and is seen as a more accurate barometer of labor-market trends, but it's also been distorted by the hurricane. Also, Labor said continuing claims decreased by 100,000 to a seasonally adjusted 3.21 million in the week ended Nov. 24. Continuing claims reflect the number of people already receiving benefits.
