Jobless Claims, Productivity Drop Thursday, February 7, 5:21 PM ET
The Labor Department announced that first-time jobless benefits claims fell by 5,000 to 366,000 this past week. Initial claims for unemployment benefits dropped to 366,000 from 371,000. The four-week rolling average for the week fell 2,250 to 350,500.
The Labor Department also announced that worker productivity fell in the last quarter 2012, though the decline was caused by temporary factors. Productivity contracted at an annual rate of 2%, the biggest drop since the first quarter of 2011. In addition, labor costs increased at a 4.5% rate, the biggest gain since Q1 2012.
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