Jobless claims drop 10,000 to 7-mo. low of 390,000 (by Steve Goldstein)

WASHINGTON (MarketWatch) -- The Labor Department on Thursday said initial jobless claims fell by 10,000 to a seasonally adjusted 390,000 in the week ended Nov. 5, below the 398,000 forecast in a MarketWatch-compiled economist poll and the lowest level since April 2. Initial claims from two weeks ago were revised higher to 400,000 from an initially reported 397,000. The four-week average of new claims, seen as a better indicator due to the reduced volatility, dropped by 5,250 to 400,000, the lowest level since April 16. There were no special factors reported, and two states, West Virginia and New Jersey, were estimated.