2 August 2001, 16:44  US Jobless Claims-OVERVIEW

--US new jobless claims -23,000 at 346,000 in latest week
--Aide notes seasonal volatility in US auto, textile jobless claims
--US new jobless claims at lowest level since Feb. 17
--US new jobless claims 4-week average -14,500 at 395,250
--US jobless claiming benefits -80,000 to 3.002 million
--US jobless benefits 4-week average -1,500 to 3,057,250

By Neil Stempleman
Washington, Aug. 2 (BridgeNews) - New claims for U.S. state unemployment insurance benefits fell a seasonally adjusted 23,000 to 346,000 during the week ended Saturday, the third straight weekly decline, and below the 385,000 median estimate of analysts surveyed by BridgeNews. A Labor Department aide noted the traditional volatility of job layoffs and hiring during this time of year in both the textile and auto industries. The 4-week moving average fell 14,500 to 395,250.
The estimates of analysts surveyed by BridgeNews put initial jobless claims for the latest week in a range of 365,000 to 435,000.
For the week ended July 21, initial claims fell 48,000 to a seasonally adjusted 369,000, originally reported as 366,000, U.S. Labor Department said.
For the same week, the 4-week moving average for new claims was 409,750, originally 409,000 per week.
Jobless claims are at a 6-month low, having dropped 103,000 in the last 3 weeks. In the last two weeks, Labor Department aides said layoffs and hiring in auto and textile producing states are volatile this time of the year, with the auto industry traditionally going through a retooling for the new model year.
These changes in the labor force are difficult to account for in seasonal adjustment factors.
In new data for the week ended July 21, continuing claims plunged 80,000 to a seasonally adjusted 3.002 million. For the same week, the four-week moving average for continuing claims was 3,057,250, a fall of 1,500.
The seasonally adjusted rate of insured unemployment during the week ended July 21 dropped to 2.3% from the previous week's 2.4%. The ratio represents people claiming benefits as a percentage of the workforce potentially eligible for these benefits.
Data on continuing claims and the insured unemployment rate are reported with a one-week delay.

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