Initial Jobless Claims Inch Up, But Continuing Claims Plunge

One of these weeks, jobless claims will plunge in a big way as the recovery gains momentum. Alas, the most recent week wasn't it, as initial jobless claims inched 1,000 higher to 434,000 for the week ending Jan. 2, the U.S. Labor Department announced Thursday. However, continuing claims plunged another 179,000 to 4.80 million - - their lowest level in about a year.