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New jobless claims drop

December 31 2008

The four-week average of initial jobless claims decreased by 1.0% while the total number of claims fell 16.0% in the Christmas week ended Dec. 27, the U.S. Department of Labor reported today.

The four-week moving average of initial jobless claims was a seasonally adjusted 552,250, down 5,750 from the previous week's unrevised average of 558,000.

Total initial jobless claims (not the four-week average) fell to a seasonally adjusted 492,000, down 94,000 from the previous week's unrevised figure of 586,000.

Initial claims represent those people filing for unemployment benefits.

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