New claims for US unemployment insurance fell more than expected last week after a sharp spike the week before, official data showed today.
Initial jobless claims fell to 404,000 in the week ending January 15, a drop of 37,000 from the previous week, the Labor Department said.
The department revised downward the claims for the previous week, to 441,000, the highest number since mid-November. The initial estimate was 445,000.
The new reading was better than the average analyst estimate of 425,000 and in line with a downward trend in claims over the past five months.
The four-week moving average, which helps to smooth weekly volatility, fell by 4,000 to 411,750.
Separate figures showed that US existing home sales jumped by more than expected in December despite bad weather as sellers cut prices.
Existing home sales soared 12.3% to an annual rate of 5.28 million units, industry group the National Association of Realtors said. This far surpassed forecasts for a rise to 4.85 million. Sales were down 2.9% from a year earlier, however.
