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U.S. weekly jobless claims down sharply after big runup:

By Greg Robb
Last Update: 8:30 AM ET Dec 7, 2006

http://tinyurl.com/yfygl2

WASHINGTON (MarketWatch) - The number of new filings for state unemployment benefits declined sharply in the latest week, reversing a large increase in the previous week, the Labor Department said Thursday.

Initial jobless claims fell by 34,000 to 324,000 in the week ended Dec. 2. The drop was in line with economists forecasts.

Claims rose a revised 35,000 to 358,000 in the previous week, compared with the initial estimate of a rise of 34,000 to 357,000. This was the highest level of claims in over a year.

The volatility in claims is typical around holidays, a Labor Department official said.

The four-week average of initial claims, which smoothes out weekly noise and distortions in the data, rose 3,500 to 328,750. This is the highest level since May.

The number of people collecting state unemployment benefits over the past four weeks rose by 57,000 to 2.52 million in the week ended Nov. 25. This is the highest level since January.