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Jobless Claims Tumble To 14-Year Low

Initial jobless claims fell to 280,000.

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Expectations were for claims to come in at 305,000, down from last week's revised reading of 316,000. 

Following the report, Ian Shepherdson at Pantheon Macro said: "With the exception of the week of July 19, when claims were distorted by the automakers' shutdowns, this is the lowest reading since May 2000."

unemployment
An unemployment line. REUTERS/David McNew

Shepherdson noted, however, that seasonal problems likely accounted for a "good part" of this week's decline.

The four-week moving average of initial jobless claims fell back below 300,000 to 299,500, down 4,750 from last week's average.

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Continuing claims also fell to 2,429,000, down 63,000 from last week's revised level and the lowest level for continuing claims since May 19, 2007.  

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