U.S. jobless claims drop 10,000 to 340,000
Applications for benefits running above end-of-summer levels
WASHINGTON (MarketWatch) — The number of Americans filing for unemployment benefits fell for the third week in a row, but claims are still above end-of-summer levels even though California said it fixed computer problems that kept thousands of applications in limbo.

Initial claims declined by 10,000 to a seasonally adjusted 340,000 in the week ended Oct. 26, the Labor Department said Thursday. Claims are seen as good proxy for layoffs, though they reveal less about hiring trends.

Economists polled by MarketWatch had expected claims to drop to 337,000 from an unrevised 350,000 in the prior week.

“The good news is that businesses aren’t slashing jobs at a troublesome rate,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors. “The bad news is that they also aren’t hiring at a rapid clip.” http://www.marketwatch.com/story/us-jobless-c...=afterbell