Unemployment Claims Drop to 7-Month Low

Nov 17, 2011, 10:57 by R.E. Christian

First-time jobless benefit claims declined by 5,000 in the week ending Saturday with 388,000 claims filed, the U.S. Labor Department said Thursday.

It was the sixth consecutive week initial claims have dropped with the figure the lowest it has been since early April.

The four-week rolling average for claims filed as of Saturday was 396,750, down 4,000 from the previous revised average, the department said.

The Labor Department said October's unemployment rate was 9 percent, down from 9.1 percent in September.

For the week ending Nov. 5, Michigan posted the largest increase in first-time claims with 3,106. Florida posted the largest decrease in first-time claims with 1,896.

Source: UPI