First-Time Jobless Claims Drop by 52,000

Following on the heels of yesterday's slightly encouraging kickoff to the earnings season, today the U.S. Labor Department released some hopeful weekly figures of its own.

According to the department, the number of people seeking unemployment benefits for the first time nose-dived by 52,000 last week. Initial claims figures dropped to 565,000, which is the lowest level since January. Analysts had forecast the number to come to 605,000.

The four-week moving average, which evens out the sometimes volatile week-to-week fluctuations, also fell by 10,000. ...