US jobless claims slide to 400,000 as recovery trudges forward slower than expected

Filings for unemployment insurance fell last week, signaling the labor market's recovery is back on track after an unexpected increase the week prior.

Jobless claims slid to 400,000 last week, the Labor Department announced Thursday. The median estimate from economists surveyed by Bloomberg was for a decline to 385,000 claims.

The previous week's count was revised to 424,000 from 419,000. The initial reading was the highest since mid-May and landed well above forecasts.

Continuing claims, which track Americans receiving unemployment benefits, jumped to 3.27 million for the week that ended July...