Initial Jobless Claims Tick Lower

Washington, DC, Oct. 27, 2011 -- Initial claims for unemployment benefits fell slightly last week, according to the Labor Department.

Initial jobless claims fell by 2,000 to a seasonally adjusted 402,000, the Labor Department said.

Economists had expected new applications to tick higher to 405,000.

The average of new claims over the last four weeks, viewed as a more accurate gauge of employment trends, inched higher by 1,750 to 405,500. Just one month ago, the four-week moving average was at 418,000.