631K new jobless claims, continuing claims at 6.7M

The government says the number of newly-laid off workers requesting unemployment insurance dropped last week after spiking the previous week due to auto layoffs. The Labor Department says initial claims for jobless benefits fell to a seasonally adjusted 631,000, from a revised figure of 643,000 the prior week. That nearly matches analysts' expectations of 630,000. Claims jumped two weeks ago as Chrysler LLC shut its factories after filing for bankruptcy protection April 30. Wall Street economists expect factory shutdowns by Chrysler and General Motors Corp. will inflate the initial claims numbers through June. Continuing claims, rose to nearly 6.7 million, the highest total on records dating to 1967 and a 16th straight record.