Initial unemployment claims plunge last week

(July 12, 2012) -- Initial unemployment insurance claims in the United States fell a larger-than-expected 26,000 in the week ending July 7, thereby building on a 12,000 drop to 376,000 the previous week. This result marked the lowest level of claims since March 2008; however, the Labor Department reportedly noted that part of the drop may have reflected fewer than normal shutdowns in the auto sector in the week, said Janzen.