than-expected drop, but it was not likely to change economists' view that the labor market is weakening under the impact of a slowing economy. The decline of 10,000 jobless claims was the biggest since a decline of 29,000 in mid-July. Despite last week's drop in claims, the four-week moving average—which smoothes out weekly fluctuations—actually increased slightly to 311,250 from 309,500. So far, the economic slowdown that began in late spring has not triggered a sharp rise in layoffs. Employers have reduced their hiring plans but have kept existing workers.
