Initial Jobless Claims Fall More Than Expected

Washington, DC, July 8, 2010--Initial jobless claims fell more than expected last week, according to Labor Department statistics.

The Labor Department said initial jobless claims fell to their lowest levels since early May. Claims fell to a seasonally adjusted 454,000 last week, better than the 465,000 economists had forecast.

The drop in claims, at least temporarily, reverses a trend of disappointing jobs reports in recent weeks.

Continued high unemployment has dragged down consumer confidence.