Jobless Claims Fall for Week

Initial jobless claims dropped by 12,000 last week, the Labor Department said Thursday.

Claims fell to 470,000, in contrast to the decline to 450,000 that had been forecast by economists, Bloomberg reported. Last week's claims were originally reported as 482,000.

Continuing jobless claims for the previous week ended Jan. 16 fell by 57,000 to 4.6 million, Labor said.