Thursday May 28, 02:23 PM
New US jobless claims fall in past week
WASHINGTON (AFP) - New US unemployment claims fell to 623,000 in the past week, the Labor Department said Thursday, a decline that was better than forecasted by most analysts.
The department said seasonally adjusted initial jobless claims in the week ending May 23 dropped by 13,000 from the previous week's revised figure of 636,000.
The consensus of analysts forecasts was for a higher 628,000 initial claims as businesses slash payrolls to cope with the severe and prolonged recession.
The weekly report has shown new jobless claims above 600,000 for several months after hitting a peak of 674,000 in late March.
"Troubles remain severe, but there continue to be signals that the rate of deterioration is beginning to ease. Since hitting their peak in March, initial claims have been on a gradual yet discernible downward trend," said Andrew Gledhill at Moody's Economy.com.
The Labor Department said the adjusted insured unemployment rate rose to 5.1 percent for the week ending May 16, an increase of 0.1 percentage point from the prior week.
In the week to May 16, continuing claims rose to 6,788,000, up 110,000 from the prior week's revised level.
On a four-week moving average basis, considered a more reliable indicator of labor market conditions, the number receiving unemployment benefits increased by 123,750 to 6,608,250, the department said.
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