Jobless claims drop but remain at elevated levels
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WASHINGTON (AP) — Initial claims for jobless benefits fell by the most in two months last week, but remain above levels consistent with healthy job growth.
The Labor Department says that new claims dropped by 19,000 to a seasonally adjusted 457,000. That’s slightly below economists’ forecasts of 460,000.
First-time requests for unemployment insurance have been stuck at about 450,000 since the beginning of this year. New claims dropped steadily last year after reaching a peak of 651,000 in March 2009. Many economists say initial claims need to fall closer to 425,000 to signal sustained job growth.
The government says total number of people receiving benefits dropped 45,000 to 4.5 million.
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