New claims for US unemployment insurance fell more than expected last week after a sharp spike the week before, official data showed Thursday.
Initial jobless claims fell to 404,000 in the week ending January 15, a drop of 37,000 from the previous week, the Labor Department said.
The department revised downward the claims for the previous week, to 441,000, the highest number since mid-November. The initial estimate was 445,000.
The new reading was better than the average analyst estimate of 425,000 and in line with a downward trend in claims over the past five months.
“It’s essentially returning us to where we were before the large increase last week,” a Labor Department official told reporters.
The four-week moving average, which helps to smooth weekly volatility, fell by 4,000 to 411,750.
Washington, Jan 20, 2011 (AFP)
