Jobless claims post sharp decline
By MARTIN CRUTSINGER, AP Economics Writer
Thu May 8, 2008
WASHINGTON - The number of newly laid off workers seeking unemployment benefits dropped far more than expected last week.
The Labor Department reported Thursday that applications for unemployment benefits fell to 365,000, a decline of 18,000 from the previous week. Economists had been looking for a much smaller decrease of around 5,000.
Note: these numbers reflect a real decline, not simply a slowing rate.
Might we weather the housing-induced financial meltdown? Stay tuned!
[Full disclosure: I'm still betting on recession!]
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