MW: U.S. weekly initial jobless claims fall by 12,000
First-time claims for state unemployment benefits fell by 12,000 to a seasonally adjusted 631,000 in the week ending May 16, the Labor Department reported Thursday. The four-week average of initial claims fell by 3,500 to 628,500, data show. Meanwhile, the number of continuing claims hit a record high, climbing by 75,000 to a seasonally adjusted 6.66 million the week ending May 9. The four-week average of those claims also hit a record, of 6.48 million.
