The government's weekly jobs report brought a bit of good news Wednesday, as the number of Americans filing for their first week of unemployment benefits sunk to its lowest level in more than two years.The number of initial claims fell to 407,000 last week, down 34,000 from 441,000 claims filed the week before, the Labor Department said Wednesday -- far better than economists had expected."For the 80% of America that is participating in this recovery, it's time to take out the champagne and have a very nice holiday, because things are improving," said John Silvia, Wells Fargo chief economist.Economists surveyed by Briefing.com had expected initial claims to rise slightly to 442,000.The weekly measure has been stuck in a rut since last year, hovering in the mid to upper 400,000s and even ticking slightly above 500,000 in mid-August. Economists usually say the number needs to drop below 400,000 before the stubbornly high unemployment rate -- which currently stands at 9.6% -- can drop significantly.
