Initial claims for unemployment insurance in the U.S. declined by 16,000 to 339,000 in the week ending April 20, beating market expectations going into the report for a 350,000 reading.
The decrease in filings in the latest week more than retraces the 7,000 increase to an upwardly revised 355,000 (was 352,000) in the previous week and brings claims to their lowest level since the week of March 9.
The four-week moving average of initial claims, which better controls for weekly volatility, declined for the first time in five weeks, falling to 357,500 from 362,000 the previous week. Continuing claims for the week ending April 13 declined 93,000 to 3,000,000.
