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Jobless Claims Drop Sharply in Latest Week

MarketWatch (10/11/12) Greg Robb

First-time claims for state unemployment benefits fell sharply in the latest week to their lowest level since mid-February, the U.S. Department of Labor reported today. The number of initial claims in the week ending Oct. 6 fell 30,000 to 339,000. The consensus forecast of Wall Street economists was for claims to rise 1,000 to 368,000. The four-week average fell 11,500 to 364,000, the lowest level since late March. Claims in the previous week were revised to an increase of 6,000 to 369,000 compared with the initial estimate of a gain of 4,000 to 367,000.