Initial jobless claims fall more than expected

Given the damage to the job market caused by the recession, investors should view the weekly initial jobless claims data the way one views the long recovery process that follows a serious operation: There will be some good weeks and some not-so-pleasant weeks in the journey toward health. Last week was a good one, as jobless claims fell 21,000 to 530,000 for the week ending September 19, the U.S. Labor Department announced Thursday.

Economists surveyed by Bloomberg News had expected initial jobless claims to total 550,000 this week. Meanwhile, the 4-week moving average for initial jobless claims decreased 11,000 to 553,500, and continuing claims also fell by 123,000 to 6.14 million.