Jobless claims drop to 460,000 last week

The number of newly laid off workers filing claims for unemployment benefits dropped last week but the level still remained higher than expected, indicating only modest improvements in the job market.

Though many experts were hoping for a bigger improvement, the Labor Department says applications for new jobless benefits fell to 460,000. Many experts were expecting the number to drop to 455,000.

The unemployment rate rose to 9.9 percent last month.

AP wire services were used in this report.

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