Jobless Claims Fell for Third Straight Week

WASHINGTON -- The number of people signing up for jobless benefits declined last week, the third straight drop from a six-year high reached earlier this month, the government said Thursday, according to the Associated Press.

The number of U.S. workers filing new claims for jobless benefits fell by 10,000 last week, government data on Thursday showed, Reuters reported. Initial claims for state unemployment insurance benefits declined to a seasonally adjusted 425,000 in the week ended Aug. 23 from a revised 435,000 the prior week, the Labor Department said. It was the lowest reading since the week of July 19.

The number of people continuing to receive unemployment also rose to 3.4 million, the AP reported, up 64,000 from the previous week and the highest level in almost five years.

Analysts estimated continued claims would be 3.40 million, Reuters reported. It was the 18th straight week that claims were above 3 million, in a sign that the slowing economy is making it harder for U.S. workers to find jobs.

-- NYSSCPA.org News Staff

Posted on 8/28/08