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U.S. jobless claims drop
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July 26, 2001: 8:48 a.m. ET
Jobless claims numbers see big decline to fall under 400,000
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NEW YORK (CNNfn) - New jobless claims fell sharply last week, dropping below 400,000 for the first time in over a month, suggesting that the worst might be over for the job market in the United States.
New claims for state unemployment benefits fell to 366,000 in the week ended July 21 from a revised 417,000 the prior week, the Labor Department reported. Analysts surveyed by Briefing.com had forecast new claims of 404,000.
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The four-week moving average of new claims, considered a better gauge of jobless trends, fell to 409,000 from the previous period's revised 415,250. Economists watch the four-week moving average more closely since it smoothes fluctuations in the weekly data.
Continued claims -- those by workers who already have claimed at least a week of benefits – fell to 3.09 million in the week ended July 14, the latest available, after a revised reading of 3.1 million the prior week. 
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