Unemployment claims drop to lowest level since July 2008

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The number of people applying for unemployment benefits fell sharply last week to the lowest level since July 2008.

The Labor Department said Wednesday that weekly unemployment claims dropped 34,000 to a seasonally adjusted 407,000 in the week ending Nov. 20. Wall Street analysts expected a much smaller drop.

A Labor Department analyst said weekly claims are volatile during the week between the Veteran's Day and Thanksgiving holidays. A key question is whether claims will remain this low in future weeks, or bounce back.

Still, applications for jobless aid are steadily moving lower. Claims have fallen in four of the past six weeks.

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Unemployment claims drop to lowest level since July 2008

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