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Jobless Claims Post Biggest Drop in 7 Weeks NewsMax.com WiresWASHINGTON -- The number of people filing new claims for unemployment benefits fell by 21,000 last week, the biggest decline in seven weeks, the government reported Thursday. The Labor Department said 330,000 newly laid-off workers filed benefit claims last week after a surge of 27,000 new claims the previous week, which had been the biggest one-week jump since early 2004. Story Continues Below Labor Department analysts attributed the improvement to fewer layoffs in the auto industry and a shortened workweek because of the Memorial Day holiday, which gave unemployed workers one less day to file claims. The four-week moving average for claims, which smooths out weekly volatility, also showed improvement last week, falling to 331,750, down from 334,500 the previous week. Economists believe that solid economic growth will continue to support increased hiring this year, a prediction that the Bush administration hopes will come true. The administration released a revised economic forecast on Wednesday, projecting that the economy will create 2.1 million jobs this year. White House press secretary Scott McClellan, talking to reporters Thursday on Air Force One, said the administration believed the jobless claims report was "consistent with solid job creation." On Wall Street, stocks were slightly higher. The Dow Jones industrial average was up more than 20 points at midday. Most private economists believe that the sharp slowdown in job creation seen in May will prove to be a temporary blip. The government reported last week that businesses added just 78,000 workers to their payrolls last month, the weakest increase in almost two years and down sharply from 274,000 jobs created in April. Part of the improvement in last week's claims number came from a decline in layoffs in the auto industry, which had jumped sharply the previous week. According to data from the states, layoffs in Michigan rose by 10,419 for the week ending May 28, the biggest jump of any of the states. That was attributed to temporary layoffs at auto plants. © 2005 The Associated Press
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