WASHINGTON – Initial jobless claims fell to 460,000 for the week ending May 22, just above economists' estimates and the second highest level in over a month, the Labor Department reported this morning.
Meanwhile, continuing claims fell to 4.607 million for the week ending May 15, down 49,000 from 4.656 million the previous week and the lowest level since March 27.
Economists expected 455,000 initial claims and 4.62 million continuing claims, according to the median estimate from Thomson Reuters.
The 460,000 initial claims figure follows an upwardly revised 474,000 jobless claims filed the previous week, originally reported as 471,000. Jobless claims were last this high during the week ending April 10, when they hit 480,000. However, claims have still trended down since last year, when they hit 613,000 for the week ending May 23, 2009.
The four-week moving average of initial claims, a less volatile figure, increased to 456,500 from 454,250. However, the four-week average for continuing claims fell to 4,637,250 from 4,648,750.
The largest increases in initial claims for the week ending May 15 were in Tennessee (3,041), Missouri (2,369), Mississippi (1,697), Illinois (1,154), and Arkansas (851). The largest decreases were in California (2,161), Michigan (2,133), Washington (1,968), Florida (1,480), and Oregon (1,200).
