BEAT: Initial Claims Back Under 400K

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The number: Initial jobless claims fell to 395K versus 407K estimates. Last week’s number was revised upward to 402K.

This is the lowest number since April, though it won’t make a dent in unemployment.

4-week moving average declined 3,250 to 405K.

Continuing claims fell to 3.688M from 3.748M.

Don’t miss: some big companies with devastating layoffs in 2011 >
Preview: Hints of an increase include layoffs resulting from the FAA furlough, job carnage on Wall Street and an uptick in planned layoffs in July’s Challenger survey.

Last week’s BLS jobs report beat expectations but did little to settle the volatile bear market.

Initial claims come out at 8:30 and we’ll cover it live.

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