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Initial jobless claims drop
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January 7, 1999: 8:59 a.m. ET
But newly unemployed ranks still greater than expected; 4-week average up
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NEW YORK (CNNfn) - Initial U.S. jobless claims fell by 22,000 in the week ended Jan. 2 but still registered far higher than expected.
The U.S. Labor Department reported Thursday that initial claims for unemployment compensation dropped to 350,000 from a revised figure of 372,000 registered in the prior week.
Despite the decline, the jobless data greatly exceeded estimates by analysts, who expected 320,000 new jobless claims to be filed.
The four-week moving average, which is seen as a more accurate indicator of employment trends, rose, moving up to 327,750 from a revised 322,250 in the previous week.
Continuing claims also increased, climbing to 2,334,000 in the week ended Dec. 26 from a revised 2,213,000 a week earlier.
Soon after the jobless figures were released, the bond market showed little reaction. The benchmark 30-year U.S. Treasury bond was trading down 2/32 for a yield of 5.17 percent. 
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