New jobless claims drop from 16-year high - WKOW 27: Madison, WI Breaking News, Weather and Sports

New jobless claims drop from 16-year high

WASHINGTON (AP) -- The government says jobless claims fell more than expected last week from a 16-year high, but remain at elevated levels due to the slowing economy.

  The Labor Department says initial requests for unemployment benefits fell to a seasonally adjusted 529,000 from the previous week's upwardly revised figure of 543,000.

  That is lower than analysts' expectations of 537,000.

  Still, the initial claims number remains at recessionary levels.

  The four-week average, which smooths out fluctuations, rose to 518,000, its highest level since January 1983, when the economy was emerging from a steep recession.

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