WASHINGTON — There were 434,000 initial claims for unemployment insurance in the week ending May 7, according to a report from the Labor Department on Thursday.

That seasonally adjusted number is down from the revised 478,000 new claims in the week ending April 30.

Economists were looking for 430,000 new claims based on the median estimate of a Thomson Reuters poll.

Continuing claims were 3.756 million for the week ending April 30, compared to the revised figure of 3.751 million for the previous week.

The economist poll’s median estimate for continuing claims was 3.70 million.

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