Initial Jobless Claims Lowest Since Early July

Washington, DC, Oct. 28, 2010 -- Initial jobless claims fell 21,000 to 434,000 last week, marking the third straight decline and the lowest level since early July, the U.S. Labor Department reported Thursday.

Economists had expected initial claims to rise to a seasonally adjusted 450,000 in the week ended October 23.

The four-week average decreased by 5,500 to 453,350. Continuing claims, which track jobless workers already receiving benefits, fell 122,000 to 4.36 million in the week ended October 16.