Jobless claims fall, bolster recovery hopes

[Scurrilous]

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"New U.S. claims for unemployment benefits fell more than expected last week and the four-week moving average slipped to a fresh two-year low, reviving hopes a labor market recovery was under way.

Initial claims for state unemployment benefits dropped 17,000 to a seasonally adjusted 421,000, the Labor Department said on Thursday, below economists' expectations for 425,000.

"It's another report that suggests the monthly employment numbers that we got last week probably understated the position in jobs, and it's another number that suggests we're going to get some upside surprises in economic activity," said Michael Strauss, chief economist at Commonfund in Wilton, Connecticut.

The government's employment report last week showed employers added a mere 39,000 jobs in November and the jobless rate rose to 9.8 percent from 9.6 percent.

A separate report from the Commerce Department on Thursday showed wholesale inventories rose 1.9 percent in October, while sales increased at the fastest rate in seven months, adding to optimism about a healthy holiday shopping season."

http://news.yahoo.com/s/nm/20101209/ts_n...my_jobless

[Cha]

"New two year low"! Wow! Thanks for the news, Scurrilous.