Jobless claims fell for the week ending July 23, 2011 to the lowest level in about 3 months.  The report shows that initial jobless claims fell to 398,000.  The report also showed that the previous week’s initial unemployment number had been revised upwards from 418,000 to 422,000.  The 4-week moving average was 413,750 which was a decrease from the previous week’s revised average of 422,250.