Fewer Job Losses

The number of U.S. workers filing new claims for jobless benefits tumbled 58,000 to 346,000 after seasonal adjustments last week—the biggest drop in almost three years, the Labor Department said Thursday. But this may not be a sign of a rebounding economy due to impending seasonal layoffs in some manufacturing sectors.

Continuing claims lasting more than one week hit a four-and-a-half year high, an indication that it is taking the unemployed longer to find new work.

Fewer File Jobless Claims.