Data released by the Labor Department Thursday morning showed unemployment claims in the U.S. dropped by slightly more than expected in the week ending May 15th.
The data showed that initial unemployment claims in the U.S. fell to 444,000 last week, down from a revised 478,000 claims in the previous week. Economists had expected unemployment claims to drop to around 450,000 in the week ending May 15th.
The much bigger than expected decrease in jobless claims makes the number the lowest since the week ended March 14, when it had dropped to 256,000.
The Labor Department’s data also showed that the number of continuing claims unexpectedly rose by 111,000 last week to 3.75 million, hitting a seven-week high.
The four-week moving average of US jobless claims, which removes week-to-week volatility, dropped to a fourteen-month low of 504,750 in the week, down from a revised 535,250 in the previous week.
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