Initial job claims down to nearly two-year low, continuing claims up

Initial job claims fall to lowest in nearly two years.

AP

Initial unemployment insurance filings dropped to the lowest level in almost two years last week, according to a government report.

There were 429,000 initial jobless claims filed at the week ending July 10, which is down 29,000 from the previous week, according to the Labor Department.

The four-week moving average was also down 11,750 from the previous week.

While initial claims are down, those filing continuing claims rose up 247,000 from the preceding week, going from 4,434,000 to 4,681,000.

The four-week moving average for ongoing claims rose by 22,000 to 4,581,250.

Here's the latest unemployment news:

»CNN: Jobless claims sink to near 2-year low

»Seattle Times: Extended unemployment benefits: making job hunters too picky?

»NYTimes: Extending Unemployment Benefits

»Market Watch: Initial jobless claims fall 29,000 to 429,000 in latest week