The number of people who applied for U.S. unemployment benefits last week fell by 26,000 to 319,000 to mark the lowest level in a month, but the decline likely stemmed from seasonal quirks instead of any major change in hiring trends or layoffs. Economists surveyed by MarketWatch had expected claims to fall to a seasonally adjusted 325,000 in the week ended May 3. Claims often see-saw in April because of the Easter holiday and spring break, when school employees such as bus drivers and cafeteria workers are eligible in some states for temporary benefits. The average of new claims over the past month, meanwhile, rose by 4,500 to 324,750, theLabor Department said Thursday. 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 76,000 to a seasonally adjusted 2.7 million in the week ended April 26. Continuing claims reflect the number of people already receiving benefits. Initial claims from two weeks ago were revised up slightly to 345,000 from 344,000.
Source: Marketwatch
Source: Marketwatch
