WASHINGTON – "New applications for unemployment benefits fell sharply last week as General Motors and other manufacturers skipped their usual summer shutdowns. The Labor Department said Thursday that new claims dropped by 29,000 to 429,000, the lowest level since August 2008 (see chart above). It was the second straight week that initial claims dropped sharply and the third drop in the last four weeks. Claims fell by 17,000 in the previous week."
MP: The two-week drop of -46,000 initial jobless claims was the largest in a year, and brought the new claims number to 429,000, the lowest level since the week ending August 23, 2008.
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