POSTED: Thursday, June 28, 2012 - 10:30am
UPDATED: Thursday, June 28, 2012 - 10:44am
(CNN) — The number of Americans filing for first-time unemployment benefits fell for the second week in a row, indicating a slight turn around for the labor market.
About 386,000 people filed for initial jobless claims in the week ending June 23, down from the previous week's figure which was revised to 392,000, according to the Bureau of Labor Statistics.
The four-week moving average also fell, down to 386,750 from the previous week's revised average of 387,500. Initial claims are a volatile number, which is why economists often look to a four-week average to eliminate some of the choppiness.
Economists see jobless claims as an important economic indicator, and a good gauge of the job market because of their close correlation to layoffs.
Jobless claims have been in the 380,000 range for four straight months, indicating that there hasn't been much progress since claims fell at a faster rate during the first three months of the year.
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By: Emily Jane Fox