WASHINGTON — Initial jobless claims fell 16,000 to 453,000 filings the week ending Sept. 25 from 469,000 the previous week, the Labor Department reported Thursday. Continuing claims fell 83,000 to 4.457 million in the week ending Sept. 18.
Economists had expected 460,000 initial claims and 4.480 million continuing claims, according to Thomson Reuters.
The four-week average of initial claims, a less volatile figure, fell 6,250 to 458,000 in the week ending Sept. 25 to post its fifth straight decline.
Meanwhile, the four-week average for continuing claims fell to 4.527 million from 4.532 million.
Steven Wood, chief economist at Insight Economics, indicated the declines are due more to spent benefits and failed job searches than new hires.
“An increasing number of people’s regular state unemployment benefits have been exhausted,” Wood said.
