Jobless claims drop raises hopes on recovery

The number of U.S. workers filing new claims for unemployment benefits tumbled last week, welcome news for a White House that is predicting an average of 95,000 jobs a month will be created this year.

Initial applications for state unemployment benefits dropped by 43,000 to a seasonally adjusted 440,000 last week, down from a revised 483,000 in the prior week, the Labor Department said on Thursday. Analysts had expected claims to slip to just 465,000.

The prior week's unexpectedly high reading was blamed in part on a backlog of claims that piled up over the holiday season and a Labor Department official said the report showed this backlog was largely "washed out."

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- Posted: 2010-02-11 11:22:33

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