--US new jobless claims -34,000 at 400,000 in latest week
--US new jobless claims 4-week average -2,750 at 422,500
--US jobless claiming benefits +83,000 to 2.999 million
--US jobless benefits 4-week average +60,250 to 2,919,000
Washington, June 21 (BridgeNews) - New claims for U.S. state unemployment insurance benefits fell 34,000 to 400,000 during the week ended Saturday June 16, the U.S. Labor Department said. Marking the second straight drop, the figure was well below the 429,000 median estimate of analysts surveyed by BridgeNews. Meanwhile, the 4-week moving average fell 2,750 to 422,500.
The estimates of analysts surveyed by BridgeNews put initial jobless claims for the latest week in a range of 420,000 to 435,000.
For the week ended June 9, initial claims fell 3,000 to a seasonally adjusted 434,000, originally reported as 428,000, Labor said. For the same week, the 4-week moving average for new claims was 425,250, originally 424,500 per week.
But in spite of the considerable drop, the job market remains weak, which some analysts fear could hurt consumer confidence which in turn would dampen spending. But testifying before the Senate Banking Committee Wednesday, Federal Reserve Chairman Alan Greenspan said that so far, spending has held up in spite of the softer labor market and somewhat downbeat sentiment.
The seasonally adjusted rate of insured unemployment during the week ended June 9 nudged up to 2.4% from the previous week's 2.3%. The ratio represents people claiming benefits as a percentage of the workforce potentially eligible for these benefits.
In the new data for the week ended June 9, 2.999 million people were reported claiming unemployment benefits under regular state programs, up 83,000 from the previous week's 2.916 million, Labor said. The four-week moving average for the week for continuing claims rose 60,250 to 2.919 million.
Data on continuing claims and the insured unemployment rate are reported with a one-week delay.