U.S. Initial Jobless Claims Fell to 357,000 Last Week (Update1) By Courtney Schlisserman April 10 (Bloomberg) -- The number of Americans filing first-time claims for unemployment insurance last week fell the most since September 2005, while the total remaining on benefits rose to the highest in almost four years. Initial jobless claims dropped by 53,000, more than double the decline economists had forecast, to 357,000 in the week ended April 5, the Labor Department said today in Washington. The four-week moving average, a less volatile measure, increased to 378,250, reaching the highest level since October 2005. U.S. businesses may be waiting to see how deep the economic slowdown will be before cutting additional workers, while some maintain staff to help meet export demand. Still, the threat of a recession is mounting as rising unemployment prompts consumers to restrain spending, which accounts for two-thirds of the economy. ``Labor overall has deteriorated, obviously, but at this point the magnitude of the decline has not been that bad,'' Russell Price, senior economist at H&R Block Financial Advisors Ltd. in Detroit, said before the report. ``It has not been as abrupt or down as much as you would normally expect in a recession.'' http://www.bloomberg.com/apps/...&sid=aS2qus.tsaq0&refer=home
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