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Labor market may improve

Thursday, July 24, 2003 | 9:48 a.m.

Initial jobless claims last week fell to the lowest since early February, suggesting an improving labor market amid forecasts for stronger economic growth.

First-time filings for unemployment insurance declined by 29,000 to 386,000 in the week that ended Saturday, the Labor Department said in Washington. It was the first time since the week ended Feb. 8 that claims fell below 400,000, considered by economists as the dividing point between an improving and a deteriorating job market.

The number of people continuing to collect benefits dropped to the lowest since April, indicating some had success finding jobs. Employment growth has been the missing ingredient in the recovery that started in November 2001, with the economy losing some 1.2 million jobs since then.

Today's labor statistics are "very encouraging and consistent with other reports suggesting the economy is firming up," said Lynn Reaser, chief economist at Banc of America Capital Management Inc. in St. Louis. "Business is starting to improve and expectations are more positive."

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