Weekly jobless claims fall slightly

The number of Americans lining up to claim first-time unemployment aid edged lower last week, largely in line with expectations, a government report showed on Thursday.

Claims for state unemployment insurance benefits fell 1,000 to 342,000 in the week ended Jan. 24, down from a revised 343,000 the previous week, the Labor Department said. Analysts were expecting claims of 340,000 after the originally reported 341,000 in the Jan. 17 week.

The closely watched four-week moving average, considered a more reliable gauge of labor market health because it smoothes volatility, increased 750 to 346,000.

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A Labor Department official said there were no special factors in the report. Analysts will be keeping a careful eye on the jobless claims numbers ahead of the Labor Department's January report on employment, due out next week.

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December's disappointing report showed only 1,000 new jobs were created, even though the weekly jobless claims data had been pointing to an improvement. The weak employment growth was a blow to President Bush as he tries to take credit for a recovering economy in the run up to the November election.

A pickup in the labor market is seen as crucial for a sustained economic recovery.