The number of people who applied for U.S. unemployment benefits last week fell to a nearly seven-year low of 300,000, a sign the labor market might be experiencing a spring revival. Initial claims in the seven days ended April 5 sank by 32,000 from a revised 332,000 in the prior week, the Labor Department said Thursday. The last time claims were that low was in May 2007, six months before the Great Recession began. Economists polled by MarketWatch expected claims to total a seasonally adjusted 320,000. The average of new claims over the past month dropped by 4,750 to 316,250, marking the second lowest read since the end of the recession. The monthly figure smooths out the jumpiness in the weekly data and offers a better look at underlying labor-market trends. Also, the government said continuing claims decreased by 62,000 to a seasonally adjusted 2.78 million in the week ended March 29. Continuing claims reflect the number of people already receiving benefits. Initial claims from two weeks ago were revised up to 332,000 from 326,000.
Source: Marketwatch
Source: Marketwatch
