New U.S. jobless claims unexpectedly fall to 452,000

Chronicle ^

[traumer]

WASHINGTON — A fitful economic recovery is drawing strength from a stabilizing job market and signs that manufacturing will contribute to the rebound.

The latest sign was a government report today that the number of newly laid-off workers filing claims for unemployment benefits fell more than expected last week. And the four-week average for claims, which smooths out fluctuations, fell for the 16th straight week, to its lowest point since September 2008, when the financial crisis hit with full force.

Further evidence of a gradually healing economy was a report that orders to U.S. factories for big-ticket durable goods rose in November. The overall increase was less than expected. But excluding the volatile transportation category, the gains were twice what economists had forecast.

The Labor Department said the number of new jobless claims fell to a 452,000 last week, down 28,000 from the previous week, on a seasonally adjusted basis. That’s a better performance than the decline to 470,000 that economists had expected.

And the four-week average for claims, which smooths out fluctuations, fell to 465,250 — the 16th straight weekly decline.

Stocks rose after the positive reports on unemployment and durable goods orders. Major indexes all touched new 2009 highs in midmorning trading. The Dow Jones industrial average rose about 40 points, or 0.4 percent.

Unemployment claims have been falling unevenly since summer. That improvement is seen as a sign that jobs cuts are slowing and hiring could pick up early next year. The fall in weekly claims of 28,000 last week, which followed two smaller weekly increases, shows that the halting improvement continues.

[manc]

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