People wait in line to attend TechFair LA in Los Angeles, Calif. (Photo: Reuters)
The Labor Department said Thursday that first-time jobless claims for the week ending May 20 was 234,000, slightly lower than the 237,000 expected. The 4-week moving average–which is widely considered a better gauge–was 235,250, a decline of 5,750 and the lowest level since April 14, 1973.
It was at 232,750 on that date. Lagging continuing claims were also at the lowest level since 1974.
The highest insured unemployment rates in the week ending May 6 were in Alaska (3.1), Puerto Rico (2.6), New Jersey (2.2), California (2.1), Connecticut (2.1), Illinois (1.8), Massachusetts (1.8), Pennsylvania (1.8), Nevada (1.7), and Rhode Island (1.7).
The largest increases in initial claims for the week ending May 13 were in Connecticut (+913), Oregon (+891), New York (+537), Alabama (+464), and Virginia (+299), while the largest decreases were in California (-5,512), Illinois (-1,035), Michigan (-522), Missouri (-429), and Florida (-368).
