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U.S. initial jobless claims fall to 289,000 last week
August 08,2014   By:Xinhua

WASHINGTON, Aug.8,2014-- The number of Americans initially applying for unemployment aid last week fell, echoing the improving job market as the economy rebounded in the second quarter, the U.S. Labor Department said Thursday.

In the week ending Aug. 2, the advance figure of seasonally adjusted initial claims for jobless benefits decreased to 289,000, 14,000 less than the revised level of the previous week. The previous week's level was revised up by 1,000 to 303,000, the department said.

Meanwhile, the four-week moving average, which helps smooth out week-to-week volatility, edged down by 4,000 to 293,500 last week, the lowest level since February 2006. The advance figure of seasonally adjusted insured unemployment during the week ending July 26 decreased 24,000 from the previous week to 2,518,000.

In the eyes of economists, initial claims for jobless benefits reflect the latest firings in a week. A decrease or keeping at a low level is a good signal for job market.

The U.S. economy, boosted by stronger personal consumption, private inventory investment and nonresidential fixed investment, grew at an annual rate of 4 percent in the second quarter, the Commerce Department announced last week.

The Labor Department said earlier this month that the nonfarm payroll employment increased by 209,000 in July, the sixth consecutive month with job gains above 200,000. The unemployment rate was little changed at 6.2 percent, indicating that the job market was improving.

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