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Jobless claims fall sharply
The number of workers filing for initial jobless aid at its lowest point since April.
November 17, 2005: 8:43 AM EST

NEW YORK (CNN/Money) - The number of people filing for unemployment benefits fell last week, according to a government report Thursday, coming in well below estimates.

The Labor Department reported 303,000 initial claims for the week ended Nov. 12, its lowest point since April and up from a revised 328,000 the week prior. Economists had said 322,000 people would file for unemployment, according to Briefing.com.

There were about 10,000 new claims last week related to hurricanes Katrina and Rita. That brought the total since Sept. 3 linked to the devastating Gulf Coast storms to 545,000 claims, not adjusted for seasonal factors, a Labor Department analyst said.

Hurricane Wilma, which struck Florida late last month, led to about 9,000 unadjusted claims for a running total of 16,400 related claims since the storm hit.

The four-week moving average of claims, considered a clearer signal of the U.S. labor market because it flattens weekly volatility, declined for a sixth straight week to 321,500 last week from 335,000 the prior week.

The number of people continuing to seek benefits after receiving a week of assistance rose slightly to 2.79 million in the week ended Nov. 5, the latest period for which data are available.

-- from staff and wire reports.

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