US initial jobless claims slide to 5,70,000

Amid hopes of economic stabilisation, the number of initial claims for unemployment benefits in the US fell marginally to 5,70,000 for the week ended August 29.

The claims have dropped by 4,000 to 5,70,000 from the previous week's revised figure of 5,74,000.

"The four-week moving average was 5,71,250, an increase of 4,000 from the previous week's revised average of 5,67,250," the US Department of Labor said in a statement today.

To tackle one of the worst financial storms in nearly 80 years, American companies have resorted to massive job cuts, as part of their efforts to bring down costs.

However, the count of those receiving jobless benefits jumped by 92,000 to 62,34,000 for the week ended August 22.

In the preceding week, the same stood at 61,42,000.

Further, the four-week moving average was 62,16,750, a decrease of 27,250.

The recession-hit US economy is slowly showing recovery signs and the nation's GDP contracted one per cent in the second quarter of 2009, much less than anticipated.