Claims for Jobless Benefits Decline

Fewer people applied for unemployment benefits last week, smoothing out an increase from the previous week.

For the week ended Oct. 19, new applications for unemployment insurance dropped by a seasonally adjusted 25,000 to 389,000, the lowest point since Oct. 5, the Labor Department said. The week before, claims rose by a revised 25,000 to 414,000.

For months claims have hovered around the 400,000 mark, a level associated with a sluggish labor market.