WASHINGTON (AP) ? New claims for unemployment benefits dropped unexpectedly last week while the number of people continuing to seek aid rose sharply, the government said Thursday.
The Labor Department reported that initial applications for unemployment insurance dropped by 24,000 to a seasonally adjusted 467,000 for the week ending Jan. 3. Wall Street economists expected initial claims to increase to 540,000. The figure partly reflects seasonal volatility that occurs around the New Year's holiday.
The four-week average of initial claims, which smooths out fluctuations, fell by 27,000 to 525,750.
But the number of people continuing to claim jobless benefits jumped unexpectedly by 101,000 to 4.61 million. That was above
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