Jobless Claims Fall, Suggesting Rebound

The number of U.S. workers filing new claims for jobless benefits dropped last week to a level that led economists and a Federal Reserve official to suggest the worst of the recession may be over.

The report “may be indicative of some improvement,” said Anthony Santomero, president of the Federal Reserve Bank of Philadelphia.

State unemployment offices received 395,000 first-time applications in the week ended Jan. 5, down 56,000 from the previous week. Initial claims had risen to 535,000 two weeks after the terrorist attacks on Sept. 11.

Separately, the Commerce Department said wholesale inventories fell 1.1% in November, the sixth straight decline and twice the amount analysts had expected.