Initial Jobless Claims Fall to Three Month Low

Washington, DC, Oct. 7, 2010--Initial jobless claims fell 11,000 to 445,000 last week, the lowest level since early July, the U.S. Labor Department reported Thursday.

Economists had expected initial claims to rise to a seasonally adjusted 455,000 in the week ended Oct. 2.

The four-week average of new claims, which is less volatile than the weekly number, decreased by 3,000 to 455,750. Continuing jobless claims, which refers to workers who were already receiving regular weekly benefits, declined 48,000 to 4.46 million, Labor reported.