Jobless Claims Reach Lowest Level Since July

The number of Americans filing first-time claims for unemployment benefits fell by 14,000 last week to a seasonally adjusted total of 384,000, the lowest level since July and a larger drop than analysts expected.

The Labor Department attributed the fall to the way the figures are adjusted for seasonal factors and claims unaffected by those adjustments actually rose.

Even so, analysts said the continued improvement could be a sign that the massive layoffs of October and November may be a thing of the past.

The four-week moving average of claims, a less volatile indicator, fell to 411,000 from 411,250 the prior week, adding to evidence that the pace of job cutting has slowed.