Initial Jobless Claims Drop by 4,000 to 444,000

Initial jobless claims drop by 4,000 to 444,000 for the week ending May 8, according to a Labor Department report.
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NEW YORK (

TheStreet

) -- New filers for state unemployment insurance edged lower last week, the government said Thursday morning, though the prior week's estimate was revised higher.

Initial jobless claims fell by 4,000 to 444,000 for the week ending May 8, according to a Labor Department report. The consensus estimate, as provided by Briefing.com, called for a drop to 440,000 from the prior week's pre-revised 444,000 total.

The moving average of new filers as calculated over the past month also declined by 9,000 to 450,500, though the number of those continuing on jobless benefit roles edged higher to 4.627 million for the week ending May 1 from 4.615 million.

Last week, the government issued a strong labor report, indicating

employers added another 290,000 jobs in April, though the nation's unemployment rate ticked up to 9.9%.

--Written by Sung Moss in New York