Initial Jobless Claims Lowest Since July 2008

Washington, DC, Feb. 10, 2011 -- Initial jobless claims fell to a 2-1/2 year low last week, the Labor Department reported.

Initial claims fell 36,000 to a seasonally adjusted 383,000, the lowest since early July 2008.

Economists had forecast claims falling to 410,000. The prior week's figure was revised up to 419,000, from the previously reported 415,000.

The four-week moving average of unemployment claims dropped 16,000 to 415,500 last week.