Initial Jobless Claims Drop for Week

Initial jobless claims fell by 20,000 to 512,000 last week, the Labor Department said Thursday.

The number of initial claims was at its lowest level since January, Labor said.

Continuing jobless for the previous week ended Oct. 24 fell to 5.75 million, the lowest level since March, Labor said.

Economists had forecast initial claims to fall to 522,000, from 530,000 a week earlier, Bloomberg reported. The number of continuing claims matched the forecast.

The four-week moving average, a less volatile measure, fell to 523,750 last week, from 526,750.