UPDATE: Initial jobless claims rose to 371,000 from last week’s downwardly-revised 367,000 new claims.
Economists expected a drop to 365,000.
Continuing claims came in below expectations at 3.1 million.
Economist expect 365,000 new claims for the week of January 5, down from 372,000 the week before.
Continuing claims for the week of December 29 are expected to fall slightly to 3.23 million from 3.25 million the week before.
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