Initial jobless claims a little lower for latest week (AP) (11-03-2010)

WASHINGTON – The number laid-off workers requesting first time unemployment benefits fell slightly last week, the latest sign the employment picture is gradually improving.

The Labor Department said initial jobless claims fell by 6,000 to a seasonally adjusted 462,000. That's close to Wall Street analysts' estimates of 460,000, according to Thomson Reuters, and the second straight drop.

The figures come after other mildly positive news on employment. Job openings rose in January to their highest level in almost a year, the department said on Tuesday. And the unemployment rate was unchanged at 9.7 percent in February, the department said last week, better than analysts expected. The jobless rate hasn't risen since October.

The four-week average of claims, which smooths volatility, rose to 475,500, reflecting a sharp increase in claims last month.

Some companies are still cutting workers. Oil producer Chevron Corp. said Tuesday that it will cut about 2,000 jobs this year.

Others are hiring. The consulting firm Accenture PLC has said it plans to hire more than 7,000 people in the United States and about 50,000 worldwide by the end of August.

Among the states, California had the largest increase in claims, with 16,112. New York, Florida, Texas and Nevada had the next largest increases. The state data lags initial claims by one week.

Pennsylvania had the biggest drop in claims, with 4,772, which it attributed to fewer layoffs in the construction, transportation and industrial machinery industries. Massachusetts, New Jersey, Kentucky and Missouri had the next largest decreases.

Source: AP