Initial Jobless Claims Drop by 44,000
NEW YORK ( TheStreet) -- The number of Americans filing unemployment claims for the first time showed a smaller-than-expected drop last week, the Labor Department said early Thursday.
Initial jobless claims dropped by 44,000 to 434,000 on a seasonally adjusted basis in the week ended May 7, from an upwardly revised 478,000. Economists were expecting jobless claims to drop to 423,000 after its strong spike in the previous week.
Continuing claims for the week ended Apr. 30 increased by 5,000 to 3.75 million from the preceding week's revised level of 3.751 million. Economists were expecting continuing claims of 3.7 million.
The advance seasonally adjusted insured unemployment rate was 3.0 percent for the week ending April 30, unchanged from the prior week's unrevised rate of 3.0 percent.-- Written by Shanthi Bharatwaj in New York
>To contact the writer of this article, click here: Shanthi Bharatwaj. >To follow the writer on Twitter, go to http://twitter.com/shavenk. >To submit a news tip, send an email to: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV