Jobless Claims Reduction Is Due To Reporting Change
Numbers from a large state - probably California - were omitted
The number of U.S. workers filing applications for jobless benefits fell last week but the figure can be attributed largely to an unexpected shift in seasonal reporting by one state rather than an indication of a stronger job market.
Initial jobless claims--a measure of layoffs--were down by 30,000 to a seasonally adjusted 339,000 in the week ended Oct. 6, the Labor Department said Thursday. Economists surveyed by Dow Jones Newswires had forecast 365,000 new applications for jobless benefits last week.
However, the numbers may not be as positive as the sharp drop indicates.
