U.S. claims for unemployment benefits post surprising drop

05/1/2009 | Reuters

Catching analysts off guard, initial jobless claims in the U.S. decreased by 14,000 last week, bringing the total to a seasonally adjusted 631,000, the Labor Department said. Production levels and business inventories have fallen rapidly lately relative to demand, possibly "reducing the need for further cutbacks," said Tony Crescenzi, chief bond analyst at Miller Tabak & Co.

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