Claims for jobless benefits drop sharply

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Posted: Jul 15, 2010 8:07 AM by John Pastorek
Updated: Jul 15, 2010 8:33 AM
Source: Associated Press

  Rating: 1.0 (1 vote)

Topics: jobs, unemployment, unemployment benefits, Labor Department, General Motors, manufacturing, layoffs

New applications for unemployment benefits fell sharply last week as General Motors and other manufacturers skipped their usual summer shutdowns.

The Labor Department said that new claims dropped by 29,000 to 429,000, the lowest level since August 2008.

An analyst said the decline resulted from fewer layoffs by manufacturing companies than usual this time of year.

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