Jobless Claims Fall Again – Reach Lowest Level In Seven Months

Jobless claims fell another 5,000 last week to 388,000, the lowest level since April, the Labor Department reported today. The four-week moving average, which smooths out week-to-week volatility, fell to 396,750, the first time it had been below 400,000 in nearly seven months.

Dow Jones economists had predicted a rise in claims to 397,000.

While this news is encouraging, the Wall Street Journal notes that hiring has been slow and more major layoffs, from Citigroup and Bank of America, were announced earlier this week.