RJ and Makay

New applications for unemployment benefits fell significantly last week — by 42,000 to 415,000, says the Department of Labor (DOL). The continuing unemployment claims picture is looking a bit better, too. In the week ending January 22, continuing unemployment claims fell by 84,000 to a seasonally adjusted 3.93 million. Continuing claims reflect the number of people who previously filed for and are receiving jobless benefits.

Last week's drop in new applications was slightly better than predicted by economists, who were expecting a decline to a seasonally adjusted 418,000. The number of new claims for the prior week was revised higher by 3,000 to 457,000, the DOL notes.