4 August 2005, 16:57  U.S. initial jobless claims unexpectedly fall

First-time filings for state unemployment benefits fell by 1,000 to a seasonally adjusted 312,000 last week, the Labor Department said Thursday. Economists surveyed by MarketWatch were expecting claims to rise to about 317,000. The four-week average of new claims fell by 2,250 to 316,750, while continuing jobless claims fell by 18,000 to 2.58 million. Economists say the four-week average for new claims provides a more accurate snapshot of the labor market because it smoothes out one-time events that can distort the weekly figures. The four-week average of continuing claims rose by 2,250 to 2.59 million. The insured unemployment rate, which makes up the proportion of all covered workers who are receiving benefits, was unchanged at 2% for the week ending July 23. Jobless benefits are generally available for 26 weeks to workers who lose their jobs through no fault of their own. A year ago, claims were 9% higher, at 342,000.

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