Jobless claims fall to lowest level in six weeks

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Jobless claims fall to lowest level in six weeks
WASHINGTON (MarketWatch) - The number of people who applied for new unemployment benefits last week fell by 16,000 to 339,000, marking the lowest level in a month and a half, but part of the decline likely reflected ongoing seasonal distortions that usually occur each year in the weeks following the Easter holiday and spring break. Other economic data suggest there's been little change in the U.S. labor market and perhaps even some softening. Economists surveyed by MarketWatch expected claims to total a seasonally adjusted 351,000 in the week ended April 20. The average of new claims over the past month, which smoothes out weekly volatility, dropped by 4,500 to 357,500, according to the Labor Department. That's the lowest level in three weeks. Also, the government said continuing jobless claims decreased by 93,000 to a seasonally adjusted 3.0 million in the week ended April 13. Continuing claims reflect the number of people already receiving benefits. Initial claims from two weeks ago, meanwhile, were revised up to 355,000 from an original reading of 352,000, based on more complete data collected at the state level.

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