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Jobless claims drop
New weekly claims for unemployment benefits lower than expected, still show weakness.
April 10, 2003: 10:06 AM EDT

NEW YORK (CNN/Money) - New jobless claims in the United States plunged last week, the government said Thursday, lower than economists expected, but stayed above a benchmark reading that points to a weak labor market.

The Labor Department said the number of Americans filing new claims for unemployment benefits fell to 405,000 in the week ended April 5 from a revised 443,000 the prior week. Economists, on average, expected 428,000 new claims, according to a Reuters poll.

U.S. stock market futures had little reaction to the report, pointing to a mixed opening on Wall Street. Treasury bond prices rose.

Private non-farm payrolls are 2.5 million jobs lower than they were in March 2001, when economists at the National Bureau of Economic Research say a recession began. After a brief recovery in mid-2002, the labor market has worsened in recent months.

Most of the trouble, many economists believe, has been concern about the economic impact of the United States going to war with Iraq. According to this view, businesses will make long-term spending and hiring plans once the war is over.

Other economists, however, worry that businesses will not start hiring again until they see demand pick up significantly. Since there's little pent-up demand on the part of consumers, whose spending makes up more than two-thirds of the economy, it seems possible that the full economic recovery could take longer than most economists think.

In any event, most economists expect it will be months before the labor market begins growing significantly.

In the Labor Department's report Thursday, the four-week moving average of weekly jobless claims, which irons out the ups and downs of the volatile weekly data, fell to 419,500 from a revised 423,250 the prior week.

Continued claims, the number of people out of work for a week or more, fell to 3.49 million in the week ended March 29, the latest data available, from a revised 3.56 million the prior week.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.