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| US initial unemployment claims slide to 550,000 |
| Press Trust of India / Washington Sep 10, 2009, 22:02 IST |
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In signs of easing labour market situation in the US, the number of first time claimants for jobless benefits declined by 26,000 to 550,000 for the week ended September 5.
The fall is 26,000 compared to the previous week's figure of 576,000, the US Department of Labor said in a statement today.
"The four-week moving average was 570,000, a decrease of 2,750 from the previous week's revised average of 572,750," it added.
Meanwhile, the count of those receiving jobless benefits decreased by 159,000 to 6,088,000 for the week ended August 29. In the previous week, the same stood at 6,247,000.
"The four-week moving average was 6,182,500, a fall of 37,750 from the preceding week's revised average of 6,220,250," the statement noted.
Reeling under one of the worst financial turmoils in decades, American companies have slashed thousands of jobs as part of their efforts to bring down costs.
In August, the unemployment rate in the country touched a 26-year-high of 9.7 per cent.
Nonetheless, the pace of job losses have slowed down amid rising hopes of an early economic recovery.
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