The data from the Labor Department showed on Thursday the number of applications
for unemployment fell more than expected last week.
According to the report, the initial claims for unemployment benefits dropped
by 22,000 to 242,000 for the week ended May 13. That marked the first decline
in first-time unemployment claims in three weeks.
Economists had forecast 254,000 new claims last week.
Claims for the prior week were kept unrevised at 264,000.
Meanwhile, the four-week moving average of jobless claims decreased to 244,250
from an unrevised 245,250 in the previous week.
As for continuing claims, they fell to 1,799,000
from a downwardly revised 1,807,000 (from 1,813,000) in the previous week. That
was the lowest reading since the week ending March 4 (1,772,000).