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Financial News Network
July 29, 2011 AT 1:52 AM
New applications for U.S. unemployment claims reduced by 24,000 to 398,000 according to the Labor Department. The initial claims from two weeks ago were revised up to 422,000 from an original reading of 418,000.On average new claims over the past four weeks fell by 8,500 to 413,750,also the lowest since April.The claims frequently fell sharply in the third week of July as workers in the manufacturing sector go back to their jobs. Auto makers and some other manufacturers usually close plants during early parts of the month to refurbish them.As a result, July data claims can be more unstable than in other months which makes it difficult to predict trends for the U.S. Labor Market. For example, last year jobless claims fell in the same week of July but then rose for the next three weeks.