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Financial News Network
February 20, 2011 AT 6:08 PM
Initial jobless claims fell by 36,000 to 383,000 in the week ending February 5th. Although generally a volatile piece of data, bulls have been looking for the weekly claims to fall from the mid 400s to the 300s which could indicate that the labor market may be turning the corner.The last several weeks of data may be distorted due to weather related issues and thus many bears are not giving the data any credit that this one week could be the beginning of a trend toward lower weekly claims.Futures remain lower on the Dow by about 40 points and S&P futures are lower by 6 points just following the report.