Layoffs Easing

The Los Angeles Times is reporting:

Layoffs appear to be easing as the number of people who filed for unemployment claims last week dropped by 10,000 to 316,000, the U.S. Labor Department reported Wednesday. 

The number of initial unemployment claims has decreased in six of the last seven weeks, data show. The four-week moving average, a more reliable measure that irons out weekly volatility, fell by 7,500 to 331,750, the Labor Department said. 

A year ago, the four-week moving average was 401,000.

California recorded the largest drop in initial jobless claims. Not adjusted for seasonality, the data show that claims in the Golden State fell by 4,644, largely due to fewer layoffs in the service industry, state officials reported.