Jobless Claims Numbers Better Than Expected
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The labor market got some good news today with news that fewer Americans than expected filed new unemployment claims last week. Initial claims fell by 9K to a seasonally adjusted 283K, according to the Labor Department. That was the lowest level in five weeks and fell below analysts' predictions of 290K new claims. And the more reliable four-week moving average of claims, which is less vulnerable to flukes, fell by nearly 8K to 297K. The cheery report comes as a relief in the wake of disappointing data regarding consumer spending and home price appreciation. [Reuters]