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Financial News Network
October 14, 2011 AT 8:00 PM
The Labor Department reported that slightly more than 400,000 people filed new applications last week for unemployment benefits.Initial jobless claims fell by 1,000 last week to 404,000. Economists had expected new claims to climb to 406,000 on a seasonally adjusted basis for the week ended October 8.The average of new claims over the last four weeks fell by 7,000 to 408,000, which is the lowest level since mid-August.