New jobless claims drop unexpectedly - WKOW 27: Madison, WI Breaking News, Weather and Sports

New jobless claims drop unexpectedly

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WASHINGTON (AP) -- The number of new claims for jobless benefits fell unexpectedly last week, but the number of people continuing to claim benefits reached a 26-year high.

  The Labor Department says initial claims for unemployment insurance dropped to a seasonally adjusted 509,000, from an upwardly revised figure of 530,000 for the previous week.

  That's significantly below analysts' estimates of 537,000, according to a survey by Thomson Reuters.

  But the number of people continuing to claim unemployment benefits reached 4.09 million, the highest level since December 1982, when the economy was in a steep recession.

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