Initial Jobless Claims Fall

Washington, DC, July 29, 2010--Initial jobless claims fell 11,000 to 457,000 in the week ended July 24, the Labor Department reported Thursday.

Economists had expected an initial claims level of 460,000.

The four-week average of initial claims -- a better gauge of employment trends than the volatile weekly number -- fell 4,500 to 452,500, reaching the lowest level since May.

Continuing claims in the week ended July 17 rose 81,000 to 4.57 million. The four-week average of these continuing claims fell 18,000 to 4.55 million, hitting the lowest level since late December 2008.

Initial state claims are about 21% below the prior's year level. The level of continuing claims is about 26% less than in the prior year.