First time claims for U.S. unemployment benefits unexpectedly showed a notable decrease in the week ended July 7th, according to a report released by the Labor Department on Thursday, with jobless claims falling to a four-year low.
The report showed that jobless claims fell to 350,000 from the previous week's revised figure of 376,000. The drop surprised economists, who had expected jobless claims to edge up to 375,000 from the 374,000 originally reported for the previous week.
However, the Labor Department noted that the drop reflected distortions caused by fewer auto plant shutdowns than historically assumed by seasonal adjustments.
http://www.nasdaq.com/article/us-weekly-jobless-claims-unexpectedly-drop-to-350000-20120712-00478
