Unemployment Applications Fall Below 400K

Washington, DC, Aug. 11. 2011 — Initial applications for unemployment benefits fell last week below 400,000 for the first time in four months, according to the Labor Department.

Applications dropped by 7,000 to a seasonally adjusted 395,000, the Labor Department said Thursday. Applications had been above 400,000 for the previous 17 weeks.

The four-week average fell to 405,000, its sixth straight decline and the lowest level since mid-April.

Applications fell in February to 375,000, a level that reflects healthy job growth. They soared to an eight-month high of 478,000 in late April, and have declined slowly since then.

There were fewer layoffs last week in the manufacturing, transportation and service industries, according to the report.