Initial jobless claims tumble to 4-month low

NEW YORK (CNNMoney.com) -- The number of first-time filers for unemployment benefits fell by 24,000 in the latest week, to the lowest level in nearly four months, the Labor Department reported Wednesday.

The number of initial filings fell to 435,000 in the week ended Nov. 6 from 459,000 the week before, the Labor Department said. The number was far better than the 450,000 economists surveyed by Briefing.com expected.

The claims total was the lowest since the 427,000 claims reported for the week ended July 10.

Overall, the weekly number has been stuck in a tight range since last November, hovering in the mid to upper 400,000s and even ticking slightly above 500,000 in mid-August.

The four-week moving average, calculated to smooth out volatility, totaled 446,500, down 10,000 from the previous week's revised average of 456,500.

The number of people filing unemployment claims for a second week or more fell to 4,301,000 for the week ended Oct. 30, the most recent data available. That's down 86,000 from last week's revised average of 4,387,000.

The better-than-expected weekly numbers came on the heels of an encouraging monthly unemployment report released Friday by the Labor Department that indicated the economy added 151,000 jobs in October.

Some states fared better than others. Two states -- Florida and South Carolina -- reported initial claims numbers that improved by more than 1,000 in the week ended Oct. 30.