First-time applications for state unemployment benefits fell 24,000 to a seasonally adjusted 467,000 in the week ending Jan. 3, the Labor Department said Thursday. The drop in this week's data, as well in the prior week, may be due to some layoffs occurring earlier than government analysts had expected, according to the Labor Department, which added that claims could remain low for a couple of more weeks and then tick up. Despite the decline in the most recent weekly data, the level of initial claims is 42% higher than the same period in the prior year. The four-week average of new claims fell 27,000 to 525,750, and is up 53% from the prior year. Meanwhile, the number of people collecting benefits in the week ending Dec. 27 rose 101,000 to 4.61 million - the highest level since November 1982. The four-week average of continuing claims rose 45,000 to 4.47 million - the highest level since December 1982. The insured unemployment rate remained at 3.4%.

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