Initial jobless claims fell sharply last week to 359,000

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WASHINGTON -- Initial claims for unemployment insurance fell sharply last week and are approaching the level consistent with strong job growth.

There were 359,000 people who filed for jobless benefits for the first time in the week ending Saturday, down 26,000 from the previous week's adjusted level, the Labor Department said Thursday.

It was the lowest number of new claims since the week ending July 21, when 357,000 people filed.

The drop last week was much more than expected. The median estimate in a Bloomberg survey of economists was for 375,000 new claims.

http://www.latimes.com/business/money/la-fi-mo-jobless-claims-unemployment-20120927,0,1380924.story

[DCBob]

1. Excellent timing!

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2. That was my take, everything coming around for the election.

A perfect storm for the Pubbies.

[DCBob]

3. It would be great if the unempolyment rate would drop into the 7's.. maybe 7.9 or 7.8

I think it could happen. That would have a major impact on people's perception things are getting better.

[bemildred]

4. Christmas is coming, should start happening in October.