Labor Market Concerns Ease Off as Jobless Claims Fall
The number of American filing new applications for jobless claims fell last week, easing concerns the labor market was weakening after slow growth in April.
In the week ending May 5, initial claims for jobless benefits dropped 1,000 to a seasonally adjusted 367,000, reported the Labor Department Thursday. Last week’s figure was revised up to 368,000 from the previously reported 365,000.
Employers added just 115,000 new jobs to their payrolls in April, the fewest in six months the government reported last Friday.
The four-week moving average for new claims, considered a better measure of labor market trends, fell 5,250 to 379,000.
The advance seasonally adjusted insured unemployment rate was 2.5 percent for the week ending April 28, a drop of 0.1 percentage point from the prior week’s unrevised rate of 2.6 percent.