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Jobless claims drop less than expected
Updated: Thursday, 29 Oct 2009, 3:05 PM EDT
Published : Thursday, 29 Oct 2009, 1:28 PM EDT
WASHINGTON (AP) - The government says the number of people claiming jobless benefits for the first time droppped slightly last week, evidence that the labor market remains weak even as the economy is recovering.
The Labor Department said Thursday its tally of newly laid-off workers seeking unemployment insurance fell by 1,000 to a seasonally-adjusted 530,000 last week. Analysts expected a steeper drop to 521,000.
Ohio reported one of the largest declines in claims, down by 1,721 because of fewer layoffs in the automobile and manufacturing industries.
The national four-week average, which smooths out volatility, fell for the eighth straight week to 526,250, its lowest level since early January. Claims are slowly declining as companies lay off fewer workers.
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