Initial Jobless Claims Fall to 10-Month Low

Initial jobless claims fell by 12,000 last week to 502,000, 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. 31 fell 139,000 to 5.63 million, Labor said.

Economists had forecast initial claims to fall to 510,000, from 514,000 a week earlier, Bloomberg reported. The previous week's number was revised from an initially reported 512,000.

The four-week moving average, a less volatile measure, fell to 519,750 last week, from 524,250.