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The four-week moving average of initial claims for unemployment insurance rose by 1,500 to 352,500 in the week ended Feb. 9, according to seasonally adjusted numbers released today by the U.S. Department of Labor. The previous week’s reported average was revised to 351,000.
The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week were 341,000, down 27,000 from the previous week's revised figure of 368,000.
The Los Angeles Times reports workers receiving jobless benefits dropped to a 4½-year low — further signs of the gradual recovery in the labor market. To read the story, click here.