WASHINGTON - Initial jobless claims dropped 21,000 to 434,000 for the week ending Oct. 23, the Labor Department reported Thursday.
Continuing claims fell to 4.356 million for the week ending Oct. 16, the lowest level since November 2008 when they were 4.142 million. Continuing claims for the week ending Oct. 9 were revised up to 4.478 million.
The figures were lower than the 450,000 of initial claims and 4.400 million of continuing claims that economists estimated, according Thomson Reuters.
Initial claims for the week ending Oct. 16 were revised up to 455,000 from 452,000.
Seventeen states reported a decrease of more than 1,000 initial claims for the week, with California far ahead of the rest of the pack, with claims down 13,701 because of fewer layoffs in the service industry. The next nearest state was North Carolina, where claims were down 6,607 because of fewer layoffs in the construction, trade, service, transportation, textile, petroleum, and lumber and wood industries.
Only one area, Puerto Rico, reported an increase in claims of more than 1,000. It said claims were up 1,115 but offered no explanation for the gain.
The four-week moving average of initial claims, a less volatile figure, fell to 453,250 from a revised 458,750. The four-week average for continuing claims fell to 4.447 million, the lowest level since December 13, 2008, from a revised 4.486 million.
