Initial Jobless Claims Lowest Since Early January

Washington, DC, Feb. 11, 2010--Initial jobless claims last week fell by the largest amount since July, according to the Labor Department.

The number of claims in the week ending Feb. 6 fell 43,000 to 440,000, a sharper drop than economists expected. The consensus forecast of Wall Street economists was for claims to drop to 460,000.

Claims are now at their lowest level since Jan. 2. Claims had spiked in January, reversing a downward trend. Labor Department officials had blamed the increase on administrative backlogs in several states.

With today's report, the official said the backlogs had been "washed out."