Jobless claims fall for second straight week

August 21, 2008 8:03:55 AM PDT
The government says the number of newly laid-off workers seeking unemployment benefits fell more than expected last week, the second straight weekly drop from a six-year high. The Labor Department says applications for jobless benefits dropped to 432,000, down by 13,000 from the previous week. That was a steeper drop than analysts expected.

But claims remain elevated compared with recent years. The four-week moving average climbed to 445,750, the highest in almost seven years.