Jobless Claims Hit a Nine-Month Low

The Labor Department reported Thursday that initial jobless claims dropped to 381,000, which is the lowest reading since February.

The Labor Department reported Thursday that initial jobless claims dropped to 381,000, which is the lowest reading since February. The report follows last week's better-than-expected unemployment report. The Associated Press also noted that the four-week average "fell for the ninth time in 11 weeks to 393,250," the lowest average since early April, pointing to a steady decline in the unemployment rate -- albeit one that could be steeper. Employers added a net total of 120,000 jobs last month, but plenty of people dropped out of their job searches altogether, which tempers the good unemployment news a bit.