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"Surprising" Jobless Decline

Posted by Michael Link on May 8, 2008 at 10:12 AM

From CNBC:

The number of US workers filing claims for initial jobless benefits fell more than expected last week, according to a report Thursday that suggested the labor market, while soft, was not deteriorating rapidly.

First-time jobless claims fell to 365,000 in the week ended May 3 from an upwardly revised 383,000 for the prior week, the Labor Department said.

The good news, according to the economist quoted in the article, is that things are bad but not "dramatically" worse.

UPDATE: First version said "jobs" instead of "jobless."

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