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News > Economy
Jobless claims fall
July 20, 2000: 8:53 a.m. ET

Four-week moving average of claims at highest level since June 1999
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NEW YORK (CNNfn) - The number of Americans filing new claims for unemployment benefits fell to 311,000 for the week ended July 15 from a revised 320,000 the prior week, the U.S. Labor Department said Thursday.

The prior week's jobless claims were at their highest level since June 5, 1999.

graphicThe four-week moving average of claims, which generally provides a more accurate picture of jobless trends, rose to 307,750, its highest level since June 19, 1999, from a revised 306,000.

Continued claims rose to 2.13 million from a revised 2.11 million the prior week.

Eighteen states and Puerto Rico reported an increase in claims of more than 1,000 in the week ended July 8, the latest period for which data are available. Among the largest were Michigan -- with more than 23,000 new claims -- Wisconsin, Kentucky and Indiana. Michigan said it had more layoffs in the automobile industry, and the other states had layoffs in the transportation and transportation-equipment industries.

The Federal Reserve has boosted interest rates six times over the last year to slow economic growth and keep inflation in check. There have been indications in some recent economic reports, including retail sales and home sales that the Fed's rates increases are working.

Jobless claims also have been drifting higher, which economists view as a sign the red-hot labor market may be cooling a tad. Back to top

-- from staff and wire reports

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  RELATED SITES

United States Department of Labor

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