The number of Americans filing for unemployment aid fell from a 14-month high last week, yet another sign that the U.S. economy is regaining speed after stumbling in the first quarter.
Figures released by the U.S. Labor Department show initial claims for state unemployment benefits declined 16,000 to a seasonally-adjusted 278,000 for the week ended May 14, the biggest drop since February and snapped a three-week string of increases.
Claims have now been below 300,000, a threshold associated with a strong job market, for 63 straight weeks, the longest stretch since 1973.
The claims report added to data on retail sales, housing starts and industrial production in conjuring an upbeat image of the economy at the start of the second quarter. Gross domestic product growth braked sharply to a 0.5% annualized rate in the January-March period.
