Weekly jobless claims dropAmerica's labor market got more good news as initial jobless claims unexpectedly plunged 24,000 to 435,000 for the latest reporting week. A Bloomberg survey had expected claims to total 450,000. The previous week's total was revised 2,000 higher to 459,000.

In perhaps better news, the four-week moving average sank another 10,000 to 446,500. Economists emphasize this more-telling measure because it smooths out anomalies due to holidays, strikes and weather-related layoffs.

Continuing claims also fell, by an additional 86,000 to 4.30 million. Some of the decline in continuing claims reflects Americans whose benefits have been exhausted, but it also reflects Americans who have found work. A year ago, initial claims totaled 507,000, the four-week moving average was at 523,000 and continuing claims totaled 5.68 million.

One Notable Setback

States also reported 3.82 million people claiming Emergency Unemployment Compensation (EUC) benefits for the week ending Oct. 23, the latest week for which data are available, a decrease of 162,460 from the prior week. A year ago, 3.52 million people claimed EUC benefits.

The latest report did show one setback: The pattern of "lower highs" for states posting weekly increases in jobless claims continued to slow last week. Four states reported large increases, up from three last week: California, 6,387; Kentucky, 2,901; Wisconsin, 2,644; and Oregon, 2,296.

The highest insured unemployment rates for the week ending Oct. 23, the latest week for which data are available, were in Puerto Rico, 6.1%; Alaska, 5.2%: California, 4.1%; Oregon, 4.1%: Pennsylvania, 4%; and Nevada, 3.9%.

It's unlikely that initial claims will keep declining at a 20,000-plus pace per week, but steady drops of 4,000 to 7,000 would represent another sign of subsiding layoffs and a U.S. economy that's starting to demand more employees. Not until jobless claims regularly slide below 400,000 will economists and investors have confidence that commercial activity is increasing at a healthy job-creating pace.

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JB

Isn't it possible that the "initial" jobless claims numbers fell due to the fact that everyone is already out of work??? How many more people can possibly be laid off and filing for the first time since no one is hiring, and companies are operating with the bare minimum already? They look at it like it is a positive that fewer people are not filing first time initial claims, but I look at it like another set back. And let's not forget all of those STILL out of work who are not first time initial filers? SO sad...

November 10 2010 at 5:02 PM Report abuse +3 rate up rate down Reply
freddy

i don,t believe this report in nj the state is laying off 2,000 workers before xmas

November 10 2010 at 4:02 PM Report abuse +3 rate up rate down Reply
1 reply to freddy's comment
wfreeberg

If it was me and I was unemployed, I'd move out of the state to a state where unemployment is under 6%

November 10 2010 at 4:47 PM Report abuse rate up rate down Reply
cclawnj

The hope created by the election results is already resulting in positive change.

November 10 2010 at 3:53 PM Report abuse -1 rate up rate down Reply
2 replies to cclawnj's comment
freddy

change for who

November 10 2010 at 4:09 PM Report abuse +1 rate up rate down Reply
jspe7

what a bunch of CRAP

November 10 2010 at 4:44 PM Report abuse +1 rate up rate down Reply
lakota70561

Get freakin' real. Of course it's down because of Holiday hiring. In January it will go back up. But, never fear, the Pubs are here. Not just the Pubs but the Tea Smarty Pubs. They are going to have us back to full employment by the end of next year. The price of gas will go down and other commodities too. The deficit will be all under control and we'll all have affordable healthcare. Not to worry! In 2012 Mama Grizzly will be in office and we can all feel secure in our forgien policies. And no, I'm not a Democrat, but, I have a bridge I cal sell you. Better yet, a really nice underwater home.

November 10 2010 at 3:26 PM Report abuse -1 rate up rate down Reply
ccliniqc2596

All I can say is a billion dollar war, 9/11, weapons of mass distruction, Osama Bin Laden, Fall of the Housing Market, Cut all of the relationship with other world leaders, the toture of captives at Guantanamo Bay, and last but not least the FALL OF WALL STREET!!!! ---Who started this lovely journey that we all are taking? Well we all really know and the fact are clear as day!!!! Then the killing part is that the people that started all of this you people put them back in office WOW!!!!! How stupid is THAT!!!!! READY OR NOT HERE THEY COME!!!!-THE REPUBLICANS TO TEAR YOU DOWN AGAIN!!! What is going to be really interesting is that the people that voted will see that the Republicans are putting on a really great act and guess what the truth will be revealed!!!! If anyone gets laid off after January when the Republicans are in office since they are in charge of the house and you lose your job, guess what your unemployment benefits will be only for 6 months they did that when BUSH was in office. The rate of unemployment is going to skyrocket in January watch and see!!!! If most of you didn't know the negative feedback that you always here from these news media people, guess what they are republicans so they are going to show you things to deter you and never make you feel that The President is not doing his job, why not because they don't want to lose that tax cut for the rich that they are gambling on!!! If you want clear coverage and really know what is going on watch C-SPAN and you will see hands on what they are doing in the house and the discussions that the Democrats and Republicans have, when I watch it one day I could not believe the things that the Republicans were doing when Bush was in office. See that is the stuff that the news media doesn't want you to know about!!! they were building bridges, and homes over in Iraq when people here are losing their homes, I was OUTRAGED!!!! What is the old saying don't believe everything you hear and the things you see!!!

November 10 2010 at 3:13 PM Report abuse -4 rate up rate down Reply
1 reply to ccliniqc2596's comment
pmurph2000

Bush wasn't a true conservative, he is a neoconservative. There is no difference between Repubs and Dems. They both want to spend your money, just on different things. They are a two headed beast. They both support the Federal Reserve, they both support, "nation building" and endless war, they both support corporatism (big business in bed with big government)They both support foreign aid. Heck Obama signed on Bushes whole bankster team-Paulson, Giethner, Bernacke, Sommers. What do you think QE2 is? Free money to the big banks! We can only pray the tea party Repubs will not be corrupted by the power and money.

November 10 2010 at 6:14 PM Report abuse +4 rate up rate down Reply
wongtpa

When you run out of unemployment, you have to consider any work. Reality is a bi*** !!!!!!

November 10 2010 at 3:03 PM Report abuse +8 rate up rate down Reply
mayerfam2000

What about the underemployed??? Add these numbers to the number of unemployed and the figure would be staggering. Anyone that thinks this recession is near being over is living in another world!!

November 10 2010 at 2:37 PM Report abuse +7 rate up rate down Reply
wurkinman1

yeah..the people doing this survey have jobs !!!

November 10 2010 at 2:30 PM Report abuse +1 rate up rate down Reply
indisposed99999

andrc657 1:57 PM Nov 10, 2010 (1) vote this comment up (3) vote this comment down FOX NEWS will say that good economic news has nothing to do with the President or the democrats. FOX NEWS only attributes negative news to the democrats. ---------------- if they did, Fox News would be absolutely correct. The President and Congress have essentially NOTHING to do with the broader economy. Moreover, its somewhat duplicitous to complain about a news organization making a FACTUALLY CORRECT assertion, without complaining about the other news organizations that reflexively parrot the Administration's nonsense about how many jobs it has saved or created without actually investigating those claims. And I say this as a democrat. Anyone complaining about the "bias" of fox news is an idiot. Its no more biased than MSNBC or CNN. in fact, its probably less biased, since it at least recognizes that its commentators are exactly that....COMMENTATORS. Compare that with CBS, which continued to insist for upwards of 30 years that Dan Rather was an objective "journalist".

November 10 2010 at 2:03 PM Report abuse +3 rate up rate down Reply
1 reply to indisposed99999's comment
indisposed99999

That was kind of my point. It wasn't until he dug himself into a hole that was so deep it threatened to literally remake american politics that CBS finally decided it had enough.

November 10 2010 at 2:08 PM Report abuse +2 rate up rate down Reply
jyob

That's only because there's No One left to be Laid off!!!!!

November 10 2010 at 2:00 PM Report abuse +6 rate up rate down Reply