Initial Jobless Claims Drop for Week

Initial jobless claims fell last week to the lowest level in almost two and half years, the Labor Department said Thursday.

The 34,000 decline to 388,000 left claims at their lowest level since July 2008 and was well below the median forecast by analysts of 415,000 new claims, Bloomberg reported.

The four-week moving average, a less volatile measure, fell to 414,000, from 426,500, a week earlier.

Continuing claims for the previous week ended Dec. 18 fell 57,000 from a week earlier to 4.13 million, Bloomberg said. That figure does not include those receiving extended unemployment benefits.