Initial claims for U.S. jobless benefits posted a second straight decline in the week ended Nov. 9, the Labor Department reported.

The Labor Department said jobless claims dipped by 8,000 to a seasonally adjusted 388,000 in the week. The previous week's claims total was revised upward to 396,000 from the initially reported 390,000.

The four-week moving average of claims, considered by some to be a more reliable indicator of trends in the report, also fell to 396,750 in the Nov. 9 week from a revised 403,250 the prior week, bringing it to its lowest level since the Aug. 24 week.

The drop in the four-week moving average broke a 10-week run above the 400,000 watermark, a level economists view as an indication of a lackluster labor market.