Jobless Claims Rise, Announced Cuts Fall
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The number of U.S. workers filing new claims for jobless benefits unexpectedly surged during the week ended Saturday by 36,000 to 447,000, the highest level in a month, the Labor Department said.
Claims the previous week were 411,000. Analysts had expected initial jobless claims to total 392,000 last week.
The four-week moving average of claims, a less volatile indicator, dropped to 409,750 last week, the lowest level since the end of August.
Another report showed that U.S. job-cut announcements fell for the third consecutive month in December. Companies said they would reduce payrolls by 161,584 positions, down 11% from November and the lowest since August, according to job placement firm Challenger, Gray & Christmas Inc.
Separately, the Commerce Department said construction spending rose 0.8% in November, matching October’s increase, led by government projects such as schools and highways.
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