After reporting increases in first-time claims for U.S. unemployment benefits in each of the three previous weeks, the Labor Department released a report on Thursday showing that jobless claims pulled back in the week ended May 14th.
The report said initial jobless claims fell to 278,000, a decrease of 16,000 from the previous week's unrevised level of 294,000. Economists had expected jobless claims to drop to 275,000.
With the decrease, jobless claims pulled back after reaching their highest level in over fourteen months in the previous week.
Meanwhile, the Labor Department said the less volatile four-week moving average climbed to 275,750, an increase of 7,500 from the previous week's unrevised average of 268,250.
The increase lifted the four-week moving average to its highest level since reaching 277,750 in the week ended February 6th.
Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, fell by 13,000 to 2.152 million in the week ended May 7th.
The four-week moving average of continuing claims still rose to 2,142,500, an increase of 4,250 from the previous week's revised average of 2,138,250.
by RTT Staff Writer
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