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Initial Claims Show Surprise Drop to 305K as Employers Gain Confidence

September 26, 2013 11:41 AM EDT
Americans seeking unemployment insurance showed an unexpected drop last week with the job market showing continued firmness.

Data from the U.S. Department of Labor the advance figure for seasonally adjusted initial claims was 305,000 apps for the week ending September 21st, a decrease of 5,000 from the previous week's revised figure of 310,000 apps. Consensus views were looking for a rise to 325,000 apps.

The 4-week moving average was 308,000 apps, a decrease of 7,000 from the previous week's revised average of 315,000 apps.

The total number of people claiming benefits in all programs for the week ending September 7th was 3,921,399, an increase of 22,769 from the previous week. There were 5,173,998 persons claiming benefits in all programs in the comparable week in 2012.

No state was triggered "on" the Extended Benefits program during the week ending September 7th.

Amid the surprise drop, the U.S. dollar is up on the session as fewer market watchers see tapering beginning soon following FOMC comments issued last week. You can read comments from Fed chairman Ben Bernanke on reasons no to taper right now by clicking here. The dollar is currently up 0.4 percent to the Japanese yen while the euro is off 0.3 percent to $1.3488.

Gold and silver are both lower, while crude prices are up on an expected incremental increase in demand. Crude last ticked by up $0.35 to $103.0 per barrel on the Comex.

U.S. markets are largely higher Thursday following the data.


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