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Jobless claims dip sharply
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December 16, 1999: 9:32 a.m. ET
First-time filings at 26-year low after 10% decline from prior week
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NEW YORK (CNNfn) - The number of Americans filing first-time claims for state unemployment benefits fell to the lowest level in 26 years, a government report indicated Thursday.
The Labor Department said initial jobless claims fell to 266,000 for the week ended Dec.11 from a revised 295,000 the prior week. A consensus of analysts compiled by Briefing.com had forecast 290,000 first-time claims.
The four-week moving average, which generally provides a more accurate picture of jobless trends, slipped to 282,000 from a revised 287,250.
The U.S. first-time jobless claims figures reported are the lowest since the 266,000 for the week ended Dec. 8, 1973.
New claims have been hovering near or below the 300,000 mark since mid-January, a level consistent with a tight job market.
Numbers for continued claims for the week ended Dec. 4, the latest data available, dipped to 2,115,000 from a revised 2,120,000 the prior week.
Several states reported increases in claims of more than 1,000, among them California, New York, Pennsylvania, and North Carolina.
California blamed layoffs in the construction industry, North Carolina reported fall-offs in textile manufacturing and construction, and Pennsylvania reported more layoffs in transportation and service industries. New York blamed the increase on the fact that the prior week was shortened by the Thanksgiving holiday. 
-- from staff and wire reports
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