Initial jobless claims drop

Initial jobless claims fell 11,000 to 264,000 last week, according to the Department of Labor.

Economists had estimated that first-time claims for unemployment insurance totaled 275,000 last week, unchanged from the prior period.

The four-week moving average dropped 3,250 to 272,500.

The trend in claims continues to be strong, and we've now had about six months with initial jobless claims below the key 300,000 level.

More to come ...