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U.S. weekly jobless claims rebound less than expected

Staff Writer |
First-time claims for U.S. unemployment benefits rose by less than expected in the week ended September 24, according to a report by the Labor Department.

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The report said initial jobless claims edged up to 254,000, an increase of 3,000 from the previous week's revised level of 251,000.

Economists had expected jobless claims to climb to 260,000 from the 252,000 originally reported for the previous week.

With the downward revision, jobless claims in the previous week were at their lowest level since hitting 248,000 in the week ended April 16th.

Even with the modest rebound, claims remained below 300,000 for the 82nd consecutive week, marking the longest streak since 1970.

The Labor Department said its less volatile four-week moving average dipped to 256,000, a decrease of 2,250 from the previous week's revised average of 258,250.

As a result of the decrease, the four-week moving average matched the 43-year low set in the week ended April 23.

Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also fell by 46,000 to 2.062 million in the week ended September 17th.

The Labor Department said continuing claims were at their lowest level since hitting 2.052 million in July of 2000.

The four-week moving average of continuing claims dropped to a nearly sixteen year-low of 2,115,250, a decrease of 23,750 from the previous week's revised average of 2,139,000.

Next Friday, the Labor Department is scheduled to release its more closely watched report on the employment situation in the month of September.


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