Jobless Claims Hit 10-Month Nadir

WASHINGTON (TheStreet) -- The number of newly jobless workers filing for unemployment benefits fell by a surprisignly large amount this past week, reaching the lowest level for the figure in 10 months.

Accoridng to the Labor Department, first-time claims for jobless benefits fell by 20,000 to a seasonally adjusted 512,000. Economists had expected 523,000 new claims.

Regardless, economists also expect the unemployment rate to hit 9.9 percent when October's figure is reported tomorrow.

The four-week average, which smooths fluctuations, dropped to 523,750, its ninth straight decline.

The number of people claiming benefits for more than a week fell by 68,000 to 5.75 million, above analysts' estimates but its eighth fall in nine weeks.

-- Written by Ty Wenger in New York

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