Labor Department Reports Drop In Unemployment Stats

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According to the analysts in the Labor Department, there have been considerably fewer claims for unemployment insurance. This is a clearly defined pattern that depicts the country’s steady recover from unemployment crisis, falling to 14 year low.

The number of initial jobless claims was registered at 264,000, which is 8 percent drop from 287,000 claimed the week earlier. The number of jobless claims plunged back to the level it maintained in April 2000 when it was 259,000. The average four-week unemployment rate followed the downshift pattern, dropping to 283,500 and decreasing by 4,250, a level with June 2000.

The month average jobless benefit claim figures decreased respectively by 4,250, amounting to 283,500, plummeting to 14 year low, level with June 2000. The unemployment-to-population ratio is even lesser considering the growth of U.S. population during the past 14 years.

ETA released this report as the stocks were recovering from wild swings of the previous weeks, turning positive as the Federal Reserve Bank dissipated forebodings for economic shrinking that were inspired by declining European markets.

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