New jobless benefit claims unchanged

The number of newly laid-off workers seeking unemployment insurance was unchanged last week, while those continuing to claim benefits dipped.

The Labor Department says first-time claims for jobless benefits were a seasonally adjusted 505,000, the same as the previous week's revised figure and matching analysts' expectations.

In Ohio, claims jumped by nearly 3,300 because of layoffs in the automobile and manufacturing industries.

The national four-week average, which smooths out volatility, fell for the 11th straight week to 514,000, the lowest level in almost a year.

Economists closely track initial claims, which are considered a gauge of the pace of layoffs and an indication of companies' willingness to hire new workers.