The number of Americans filing for unemployment benefits fell more than expected last week, moving back to near cycle lows as labour markets stateside remain healthy and the economy regains momentum after stumbling in the first quarter.
Figures released Thursday by the U.S. Labor Department show initial claims for state unemployment benefits declined 10,000 to a seasonally-adjusted 268,000 for the week ended May 21. Claims for the prior week were unrevised.
Economists had forecast initial claims falling to 275,000 in the latest week. Claims have now been below 300,000, a threshold associated with a strong job market, for 64 straight weeks, the longest stretch since 1973.
The four-week moving average of claims, considered a better measure of labour market trends as the figure smooths out week-to-week volatility, gained 2,750 to 278,500 last week.
