Tech Glitch May be to Blame for Unemployment Drop
Unemployment claims take a dramatic dip, falling to a four-year low but it looks like a technical glitch was behind the drop, not a hiring frenzy in the job market.
The labor department is reporting some 339 thousand people filed for first-time jobless benefits last week. That's 30 thousand fewer than the week before, and the lowest number of weekly claim filings since February 2008.
But the agency believes the drop is due to one state posting a large decline in claims. An official says the state most likely did not fully process end-of-quarter claims. That means the unemployment numbers could shoot back up next week, once the state processes the claims.