The number of people who applied for U.S. unemployment benefits fell by 24,000 last week to 297,000, marking the lowest level since May 2007, the government said Thursday. Economists polled by MarketWatch had expected initial claims to total 321,000. The second straight big drop in new claims is probably related, at least in part, to a late Easter holiday. Easter fell on April 20 this year compared to March 31 in 2013, a big gap that makes it harder for the government to seasonally adjust its numbers before and after the holiday. Still, claims have been hovering near post-recession lows for most of 2014 and the latest report is another sign that the pace of layoffs remains extremely low. The average of new claims over the past month fell by a smaller 2,000 to 323,250. The monthly figure smooths out the jumpiness in the weekly data and offers a better look at the underlying trend. Also, the government said continuing claims decreased by 9,000 to a seasonally adjusted 2.67 million in the week ended May 3. Continuing claims reflect the number of people already receiving benefits. Initial claims from two weeks ago, meanwhile, were revised up to 321,000 from 319,000.
Source: marketwatch
Source: marketwatch
