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Jobless claims fall to 7-year low

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Jobless claims fall to 7-year low

Weekly figure beats expectations.

The Labor Department today reported that seasonally-adjusted initial claims for unemployment insurance for the week ended May 10 were 297,000, a decrease of 24,000 from the previous week's revised figure of 321,000.

Analysts had expected an increase to 320,000.

The 4-week moving average, which smoothes out volatility to a certain extent, fell 2,000 to 323,250.

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Claims are now at their lowest level since May 2007, providing further evidence of a strengthening jobs market.

 

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