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Claims imply weak job market

Thursday, Oct. 11, 2001 | 9:43 a.m.

WASHINGTON -- New claims for unemployment benefits took a sharp dip last week but still remained at a high level reflecting fallout from the ailing economy and last month's terrorist attacks.

Consumers, shaken by the attacks and mounting layoffs, cut back on their purchases, leaving retailers with their weakest September sales performance in two decades, the nation's largest merchants said in another report today.

The gap again widened between discounters, particularly Wal-Mart Stores Inc., and department and specialty apparel stores as more consumers flocked to value-oriented chains.

In the layoffs report, the Labor Department said that for the work week ending Oct. 6, new jobless claims fell by a seasonally adjusted 67,000 to 468,000, a level suggestive of a weak jobs market, economists say.

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