US Jobless Claims Down By 6,000

US jobless claims dropped by 6,000 to 472,000 in the week ended August 28, according to government data released on Thursday. However, the figure for initial claims continues to be uncomfortably high. The number of people applying for unemployment benefits has risen 10% since early July. This scenario has fueled concerns over the slowdown in the pace of the US economic recovery. Claims in the previous week were revised up by 5,000 to 478,000. The four-week average of initial claims, which is considered to be a superior gauge of employment trends than the weekly figures, was down 2,500 to 485,500, the Labor Department said. Read more