Summary
WASHINGTON -- New applications for unemployment benefits dropped last week from a seven-year high, the Labor Department said Thursday, though they remain at elevated levels that indicate recession. Initial claims for jobless benefits dropped 20,000 to a seasonally adjusted 478,000, the department said, the same level that Wall Street economists expected.
The department said hurricanes Ike and Gustav were responsible for adding about 20,000 claims on a seasonally adjusted basis. That's down from about 45,000 the previous week.See the full content of this document
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Unemployment Claims Drop Last Week
The four-week average, which smooths out fluctuations, rose to 482,500, the highes...
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