Last week, new claims for unemployment benefits fell by more than expected while the number of people claiming benefits for more than a week has hit record highs. The previous week’s number was revised from 637,000 to 643,000 but the 4-week average is hovering around 628,500 – 3,500 lower than from previous month. WSJ gives more on the numbers:
Initial claims for jobless benefits fell 12,000 to a seasonally adjusted 631,000 in the week ended May 16, the Labor Department said in a weekly report Thursday. Economists surveyed by Dow Jones Newswires had expected claims would fall by 7,000 after a surprisingly large spike in the previous week.
From among the states, California surprisingly reported the lowest new claims due to slower lay offs.
For more numbers, click HERE.