The number of Americans filing new claims for unemployment benefits fell unexpectedly last week, touching a 5-1/2 year low, suggesting a steadily improving labor market. Initial claims for state unemployment benefits dropped 19,000 to a seasonally adjusted 326,000, the lowest level since January 2008, the Labor Department said on Thursday. Economists polled by Reuters had expected first-time applications to rise to 345,000 last week. While claims are extremely volatile in July because of summer auto plant shutdowns, the general tone of the report remained consistent with a pick-up in job gains. The four-week moving ... (full story)