Weekly claims for jobless benefits fell by 30,000 in the latest reporting period, according to the Labor Department, reflecting fewer layoffs in the auto industry. The report also noted an unchanged rate of 1.9% in the insured employment rate.
The drop of 30,000 claims last week was the biggest one-week drop in six weeks and the overall total of 304,000 claims was the lowest in six weeks. The advance number for seasonally adjusted insured unemployment during the week ending July 8 was 2,505,000, an increase of 85,000 from the preceding week's revised level of 2,420,000. The 4-week moving average was 2,443,750, an increase of 20,500 from the preceding week's revised average of 2,423,250. Federal Reserve Chairman Ben Bernanke, delivering the Fed's twice-a-year economic forecast to Congress, said Wednesday that ''the anticipated moderation in economic growth now seems to be under way,'' comments that sent financial markets soaring as investors believed they indicated that the Fed's two-year long campaign to hike interest rates was drawing to a close.Nine states noted losses in the manufacturing, warehousing, trade, construction, service and auto industries totaling over 25,000 jobs.| State | Change | State Supplied Comment |
| SC | +1,012 | Layoffs in the manufacturing industry. |
| VA | +1,218 | Layoffs in the transportation, warehousing, and manufacturing industries. |
| KS | +1,843 | Layoffs in the trade, real estate, and manufacturing industries. |
| GA | +2,246 | Layoffs in the manufacturing industry. |
| IL | +2,523 | Layoffs in the trade, service, and manufacturing industries. |
| TX | +2,677 | Layoffs in the trade, finance, and manufacturing industries. |
| FL | +3,472 | Layoffs in the construction, trade, service, and manufacturing industries, and agriculture. |
| IN | +5,144 | Layoffs in the construction, service, and manufacturing industries. |
| PA | +5,261 | Layoffs in the trade, service, fabricated metals, and manufacturing industries. |