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Jobless claims fall continuing downward trend

By Ananth Baliga
Job seekers look over their resumes as they wait for a recruiter at a job fair August 24, 2011 in Lombard, Illinois. UPI/Brian Kersey
Job seekers look over their resumes as they wait for a recruiter at a job fair August 24, 2011 in Lombard, Illinois. UPI/Brian Kersey | License Photo

WASHINGTON, June 19 (UPI) -- Fewer Americans applied for unemployment benefits for the week ending June 14, continuing a downward trend as firings are close to pre-recession levels.

Jobless claims fell by 6,000 to 312,000 for the week ending June 14, with the number of people collecting claims falling to a seven-year low, according to a Labor Department report released Thursday. Economists polled by Bloomberg estimated 313,000 claims for the week.

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Claims for the previous week were revised to 318,000 from an initially reported 317,000. for the week ending June 7.

The monthly average for claims, which is a better indicator as it averages out any fluctuations, dropped by 3,750 to 311,750 slightly above the seven-year low mark. The Labor Department said the number of continuing claims decreased by 54,000 to 2.56 million for the week ending June 7.

Thursday's numbers suggest that the labor market is continuing to recover as firings continue to decrease and payrolls show sustained growth. Hiring was seen in the retail sector amid resurgent sales after a sluggish few months earlier this year.

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