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Jobless Claims Fall to 8-Month Low
By: Administrative Account | Source: Reuters
October 9, 2003 10:34AM EST


Reuters

Thursday October 9, 9:22 AM EDT

By Tim Ahmann

WASHINGTON (Reuters) - The number of Americans filing an initial claim for jobless aid fell last week to its lowest level in eight months, the government said on Thursday in a report that offered a hopeful sign layoffs were easing.

First-time filings for state unemployment aid fell 23,000 to 382,000 in the week ending Oct. 4 from an upwardly revised 405,000 in the previous week, the Labor Department said.

The drop brought initial claims to their lowest since early February and suggested a bit more of an improvement in the labor market than had been expected by Wall Street economists, who had been looking for a level of 393,000.

Last week's drop in claims also brought a closely watched four-week moving average of initial filings, which smooths weekly volatility to give a better reading of trends, to its lowest level since early February.

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