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Jobless Claims Fall Below 400,000 For The First Time Since 2008

The number of people applying for unemployment benefits was 388,000 last week, the lowest level since July 2008. The number of people filing new claims has fallen for the last 4 weeks in a row.

California had the biggest decrease in claims from the week prior, citing "fewer layoffs in agriculture." New Jersey experienced the biggest increase due to "layoffs in the construction, trade, service, transportation, and manufacturing industries."

The unemployment rate will remain at 9.8% until January 7, when the government releases its latest monthly jobs report.