Falling at a slower pace: Initial and continuing jobless claims drop

Record a relatively good week for both jobless claims and continuing claims, as both numbers fell, another sign that the recession is weakening its grip. Initial jobless claims fell 26,000 to 550,000 for the week ending September 5, the U.S. Labor Department announced Thursday.

Continuing claims also fell, decreasing 159,000 to 6.09 million. Economists surveyed by Bloomberg News had expected jobless claims to fall to 565,000 this week. Meanwhile, the four-week moving average for initial jobless claims decreased 2,750 to 570,000.