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Jobless claims drop
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October 28, 1999: 9:19 a.m. ET
First-time benefit claims fall 15,000 to 278,000, far fewer than expected
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NEW YORK (CNNfn) - The number of Americans filing first-time claims for state unemployment benefits fell to 278,000 for the week ended Oct. 23, a government report indicated Thursday.
The figure was far lower than economists' forecasts of 294,000, and were down from a revised 293,000 the week before, the Labor Department said.
The four-week moving average, which generally provides a more accurate picture of jobless trends, was 293,500, down 6,000 from a revised 299,500.
New claims had been hovering near the 300,000 mark since mid-January, a level consistent with a tight job market. During the same reporting period last year, initial claims were far higher at 305,000.
Continued claims were 2,120,000 for the week ended Oct. 16, the latest data available, up from a revised 2,184,000.
Among the states reporting, only Ohio had a change greater than 1,000, due largely to layoffs in the transportation equipment industry. 
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