Initial Jobless Claims Lowest in Two Years

Washington, DC, Nov. 23, 2010 -- Initial jobless claims dropped 34,000 last week to 407,000, the lowest level since July 2008, the Labor Department reported Wednesday.

There were no special factors or unusual events, a Labor spokesman said.

Economists had expected claims to fall to a seasonally adjusted 435,000 in the week ended Nov. 20.

Before the latest data claims in 2010 had ranged from a high of 504,000 to a low of 427,000.

The four-week average of initial claims decreased by 7,500 to 436,000, also a two-year low.