Jobless Claims Drop to 429,000, Near 2-Year Low

The number of unemployment insurance claims dropped again last week, falling by 29,000 from the previous week’s revised number of 458,000 claims. This marks the lowest level seen in nearly two years, according to a report released by the Labor Department.
This week’s drop to 429,000 beat many expectations, as economist polled by Briefing.com expected the number of unemployment claims to fall in around 450,000.
“We’ve been waiting for the day that this number creeps toward 400,000, and it looks like that’s finally where we’re headed,” said senior economist at PNC Financial Services Craig Thomas to CNNMoney.com.
With the good report, there’s still some concern. Those filling long-term continuing claims rose to 4.68 million, an increase of 247,000.