U.S. weekly jobless claims down 37,000 to 335,000

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U.S. weekly jobless claims down 37,000 to 335,000
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - New applications for U.S. unemployment benefits fell by 37,000 to a seasonally adjusted 335,000 in the week ended Jan. 12, the Labor Department said Thursday. Claims fell to the lowest level since January 2008, but the big drop likely stems from a seasonal-adjustment quirk whose effects could quickly fade and push the numbers back up in the next few weeks. Economists surveyed by MarketWatch expected claims to drop to 368,000 from last week's slightly revised 372,000. The average of new claims over the past month, meanwhile, fell by a smaller 6,750 to 359,250. The four-week average reduces seasonal volatility in the weekly data and is seen as a more accurate barometer of labor-market trends. Also, Labor said continuing claims increased by 87,000 to a seasonally adjusted 3.21 million in the week ended Jan. 5. Continuing claims reflect the number of people already receiving benefits. About 5.82 million people received some kind of state or federal benefit in the week ended Dec. 29, up 465,547 from the prior week. Total claims are reported with a two-week lag.