The initial jobless claims dropped to a 4 month low. However, this number must in the in low 300,000's for several years before the overall labor picture improves. And with a high underemployment rate it puts pressure on housing prices.
The Labor Department said Wednesday that initial claims for jobless aid dropped by 24,000 to a seasonally adjusted 435,000. Many Wall Street economists expected a smaller decrease.
The four-week average of claims, a less volatile measure, fell 10,000 to 446,500. That's the lowest level for the average since the week that ended Sept. 13, 2008, just before the financial crisis intensified that weekend with the collapse of Lehman Brothers.
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