Initial claims for state unemployment benefits fell 34,000 to a seasonally adjusted 388,000, the lowest reading since early July 2008, the Labor Department said Thursday. That was well below economists' expectations for 415,000.
The prior week's claims figure was revised modestly up to 422,000 from the previously reported 420,000. A Labor Department official said there was nothing unusual in the state-level data and described the report as clean.
That's good news if the trend keeps up and businesses are hiring in 2011. Unfortunately, I see a reversal in much of the gains made in the labor market next year. I'd very much like to be wrong about this, but I doubt I will be.
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