Weekly Jobless Claims Graphic. Number of Americans applying for first-time jobless benefits.
The Labor Department reported weekly jobless claims unexpectedly fell last week, despite the economy struggling to regain momentum after first quarter contraction.
Initial claims for state unemployment benefits, or the number of Americans filing for first-time jobless benefits, fell modestly by 1,000 to a seasonally adjusted 264,000 for the week ended May 9. The number hovers right above the 15-year low hit two weeks ago after the Labor Department changed its methodology to calculate claims.
Meanwhile, claims for the prior week were unrevised, yet they have been below 300,000 for 10 straight weeks. Economists polled by Reuters had forecast claims rising to 275,000 last week.
A Labor Department analyst said there was nothing unusual in the state-level data and no states had been estimated.
The four-week moving average of claims — which is widely considered to be a better measure of labor market trends as it irons out week-to-week volatility — dropped 7,750 last week to 271,750. That was the lowest level since April 2000, but the number of ineligible Americans to collect and apply for those benefits is far lower than in either 2000 or even 2007.
The government initially estimated that the economy barely grew in the first quarter at a 0.2 percent rate, but the trade deficit wasn’t not estimated correctly. In truth, the revisions will show a contraction. Retail sales and manufacturing data suggest that while activity is picking up, the pace remains modest.
Thursday’s claims report showed the number of people still receiving benefits after an initial week of aid was unchanged at 2.23 million in the week ended May 2.
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All these numbers and characteristics will not rejects crowds that are standing and demanding work. Unfortunately the economical situation is not stable yet, so we have a lot of people who need support and financial assistance, as they have lost their jobs due to different reasons. That is why not many of them believe that instant approval faxless payday loans are helpful and will change their monetary situation. However they are just becoming debtors with high interest rates and strict conditions. So now we need to reform our labor system.