Jobless claims drop from 7-year high

WASHINGTON — New applications for unemployment benefits dropped last week from a seven-year high, the Labor Department said today, though claims remain at elevated levels that indicate recession. Initial claims for jobless benefits dropped 20,000 to a seasonally adjusted 478,000, the department said, the same level that Wall Street economists expected. For the full story visit www.latimes.com/business/la-fi-econ10-2008oct10,0,4893150.story