The number of people still receiving benefits after an initial week of aid dropped 122,000 to 4.36 million in the week ended Oct. 16. That was the lowest reading since the week ended Nov. 22, 2008. The prior week's number was revised up to 4.48 million.
Analysts polled by Reuters had forecast so-called continuing claims falling to 4.40 million from a previously reported 4.44 million. The continuing claims data covered the survey period for the household survey from which the unemployment rate is derived.
The number of people on emergency benefits declined 258,102 to 3.78 million in the week ended Oct. 9.
A whole bunch of people, nearly 400k, fell off unemployment benefits. Some of them got jobs, I'm sure. Not all of them, however. They have vanished into the realm of the 99ers this week. A lot more are going to follow.
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