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U.S. Jobless Claims Drop To Lowest Level Since 2007
WASHINGTON (8/16/13)--Initial claims for U.S. unemployment benefits last week fell to their lowest level since October 2007--before the recession--highlighting gains in the labor market as it continues to heal (The Wall Street Journal, Bloomberg.com and The New York Times Aug. 15).
 
First-time claims--a proxy for layoffs--declined 15,000, to a seasonally adjusted 320,000, in the week ended Aug. 10, the Labor Department said Thursday.
 
Also, the four-week moving average of claims, which smooths out weekly volatility, declined 4,000--to 332,000--the lowest level since November 2007.
 
With good momentum built up for consumer spending heading into the third quarter, the labor market is improving, Brian Jones, a senior U.S. economist at Societe Generale in NewYork, told Bloomberg.   
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