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Jobless claims fall by 21,000

July 08, 2010

U.S. initial claims for unemployment insurance fell to 454,000 in the week ended July 3, down by 21,000, or 4.4%, compared with the previous week's number, which was revised up by 3,000, the U.S. Department of Labor reported today.

Economists had expected claims to fall by only 12,000, The Wall Street Journal reported. Still, claims remain above 400,000 per week, a level which can indicate declines in employment, according to the Joint Economic Committee.

The four-week moving average of claims for the week ended July 3 fell by 1,250, or 0.27%, to 466,000 from the previous week's moving revised average of 467,250.

New state data from the week ended June 26 released today by the Department of Labor shows Pennsylvania posted the largest decrease in jobless claims, down 2,841. The state cited fewer layoffs in the trade, service, transportation and transportation equipment industries.

New Jersey registered the largest increase in jobless claims, up 7,951 in the week ended June 26. The increase was related to school closings as well as layoffs in the construction, service, transportation, warehousing and public administration industries.