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Jobless Claims in U.S. Drop as Seasonal Volatility Winds Down

Bloomberg (10/25/12) Lorraine Woellert; Shobhana Chandra

Jobless claims fell by 23,000 last week to 369,000 from a revised 392,000 the prior period, according to the U.S. Department of Labor. The four-week moving average of jobless claims, a less-volatile measure than the weekly numbers, rose to 368,000 last week from 366,500. Averaged over a number of weeks, the pace of layoffs has scarcely changed, suggesting payroll gains are being curbed by a lack of hiring. Still, the data suggest companies are facing enough demand to maintain staffing levels even amid fears about a slowing global economy.