WASHINGTON — Initial jobless claims dropped more then economists expected for the week ending Jan. 15, falling by 37,000 new filings to 404,000, the Labor Department reported Thursday.

Continuing claims fell by 26,000 to 3.861 million, the third straight weekly drop. Economists expected 420,000 initial claims and 3.900 million continuing claims, according to the median estimate from Thomson Reuters.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.