Thursday, March 25, 2010

Initial jobless claims drop more than expected

WASHINGTON — New claims for unemployment benefits fell more than expected last week as layoffs ease and hiring slowly recovers.

But most of the drop resulted from a change in the calculations the department makes to seasonally adjust the data, a Labor Department analyst said. Excluding the effect of those adjustments, claims would have fallen by only 4,000.

All told, more than 11.1 million people are claiming unemployment benefits, the department said.
More smoke and mirrors.

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