Jobless claims top 6 million; housing starts plummet

The number of people receiving jobless benefits exceeded 6 million for the first time, the government reported Thursday.

Analysts expect the labor market to remain weak for most of this year, with companies reluctant to hire workers until an economic recovery is well underway. Still, economists found a silver lining. For the second straight week, the number of people filing new benefits claims dropped more than expected.

The Labor Department said Thursday that its tally of initial unemployment claims dropped to a seasonally adjusted 610,000 from a revised 663,000 the previous week. That was below expectations of 655,000 and the lowest level since late January.