Jobless Claims Fall More Than Expected

The number of Americans filing new claims for unemployment benefits fell more than expected last week, offering hope the labor market recovery remains on track.

Initial claims for state unemployment benefits fell 29,000 to a seasonally adjusted 409,000, the Labor Department said on Thursday, continuing to unwind the prior weeks' spike.

Economists polled by Reuters had forecast claims dropping to 420,000. The prior week's figure was revised up to 438,000 from the previously reported 434,000.