Initial Jobless Claims Fall More Than Expected

Washington, DC, July 15, 2010--Initial jobless applications fell 29,000 to 429,000 last week, hitting the lowest level since August 2008, the Labor Department reported Thursday.

Economists had expected first-time claims at a level of 445,000 for the week ended July 10.

A Labor Department analyst cited fewer-than-expected manufacturing layoffs last week.

Meanwhile, the four-week average of initial claims -- a better gauge of employment trends than the volatile weekly number -- also fell, down 11,750 to stand at 455,250.

The total number of people collecting some type of unemployment benefits in the week ended June 26 was about 8.7 million, down about 270,000 from the prior week.