Jobless claims slip
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August 26, 1999: 9:57 a.m. ET
Initial unemployment filings drop 5,000; four-week average up slightly
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NEW YORK (CNNfn) - The number of initial claims for jobless benefits fell slightly last week, the Labor Department reported Thursday.
The number of Americans filing for first-time benefits was 283,000 for the week ended Aug. 21, down from a revised 288,000 the week before.
Economists surveyed by Reuters had estimated a rise in claims to 292,000.
The four-week moving average, which generally provides a more accurate picture of jobless trends, rose to 283,750 from the upwardly revised figure of 281,500 the prior week.
No states reported increases in claims of more than 1,000, while seven states had decreases of over 1,000 including California, with 5,559.
California had fewer layoffs in construction, service and agricultural industries.
The bond market took little notice of the data, though, or of the downward revision in second-quarter Gross Domestic Product to 1.8 percent.
In early trading the benchmark 30-year Treasury bond was down 2/32 to 103-24/32, for a yield of 5.85 percent.
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Labor Department
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