US jobless claims in a surprise tumble
NEW claims for US unemployment benefits fell unexpectedly last week to 457,000, down 2.4 per cent from the previous week, the Labor Department said.
Jobless claims fell by 11,000 in the week ending 24 July, down substantially from the 464,000 level expected by analysts.
The jobless figures were lower, in part, thanks to fewer layoffs at car plants in Michigan and New York. While unemployment levels remain stubbornly high, claims are substantially down from this time last year, when they hit 578,000.
But according to the figures, some 4,565,000 Americans still asked for government aid to get by in the week ending 17 July, up 81,000 versus the previous week, according to seasonally adjusted statistics.