Initial Jobless Claims Up More Than Expected

Washington, DC, Jan. 6, 2011 -- Initial jobless claims rose last week by 18,000 to 409,000, the Labor Department reported Thursday.

Economists had expected initial claims in the week of Jan. 1 to total about 400,000 on a seasonally adjusted basis.

The prior week's number was revised up by 3,000 to 391,000.

The four-week average of new claims, however, dropped 3,500 to 410,750, the lowest level since July 2008. 

In the week of Dec. 25, the number of people who continued to receive benefits fell by 47,000 to a seasonally adjusted 4.1 million.