MW: Weekly U.S. jobless claims drop 44,000 to 434,000
By Jeffry Bartash
WASHINGTON (MarketWatch) - Applications in the U.S. for unemployment compensation fell by 44,000 last week to 434,000, partly reversing a large spike earlier in April, the Labor Department reported Thursday. Economists surveyed by MarketWatch had expected applications for jobless benefits to decline to seasonally adjusted 428,000 from an upwardly revised 478,000 in the prior week. The average of new claims over the past four weeks rose by 4,500 to 436,750, the highest level since November. The four-week average is considered more accurate a gauge of employment trends because it lessens week-to-week volatility in the data. Meanwhile, the number of workers who continue to receive state compensation increased by 5,000 to a seasonally adjusted 3.76 million in the week of April 30. Altogether, 7.98 million people received some kind of state or federal benefit in the week of April 23, down 31,247 from the prior week. It's the first time in several years the number has fallen below 8 million.
