New Jobless Claims Slip More Than Expected

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Source: MSNBC/AP

New jobless claims fell more than expected last week but are stuck at elevated levels, while those continuing to receive unemployment insurance set a record for the 11th straight week.

The Labor Department said Thursday the tally of initial jobless claims fell to a seasonally adjusted 654,000, down from a revised 674,000 the previous week. Analysts expected claims to drop to 660,000.

But the total number of laid-off Americans receiving unemployment rose to 5.84 million, from 5.75 million. That was the most on records dating from 1967 and higher than analysts expected.

The four-week average of claims, which smoothes out fluctuations, fell slightly to 657,250, the first drop after 11 straight increases.

more: http://www.msnbc.msn.com/id/30133936/