The number of Americans seeking first-time unemployment benefits last week fell sharply, the US government said today.
The US Labour Department said initial jobless claims fell by 41,000 to 384,000 in the week ended May 5th, their lowest level since a matching 384,000 claims in the March 31st week.
Claims in the prior week were reported at a revised 425,000. That figure was initially reported as 421,000.
The four-week moving average, considered a more reliable measure of employment conditions because it irons out weekly fluctuations, edged down to 402,500 claims from 405,500 the previous week, the department said.
But in a sign the pace of hiring remains slow, the number of continued claims - those workers who have already claimed at least a week of benefits - rose by 56,000 to 2.727 million in the week ended April 28th, the latest week for which figures are available.
That was the highest level since June 18th, 1994, when continued claims reached 2.733 million, a department official said.