Initial jobless claims came in at 435K, a drop of 24K from the prior week's 459K, which of course was a downward revision from the past week's reported 457K. There have now been 36 downward revisions in 2010, and 6 upward ones. The weekly number, which is irrelevant until the following week's adverse reaction, is the lowest since the week of July 10. And while seasonally adjusted claims dropped by 24K, the NSA number increased by 28k to 449,905. Continuing Claims were 4,301K vs. expectations of 4,305K, while the previous number of 4,340K was naturally revised worse to 4,387K. This is the 42nd downward revision in 2010, out of 44. For a chart of 28 out of 29 upward revisions look below.
Elsewhere, those on Extended benefits and EUCs dropped by a total of 285K as the 99 week cliff starts to impact ever more unemployed.