Initial Claims Decrease

The Department of Labor reported that in the week ending May 5, the advance figure for seasonally adjusted initial unemployment claims came in at 367,000, a decrease of 1,000 from the previous week's revised figure of 368,000. The 4-week moving average stands at 379,000, a decrease of 5,250 from the previous week's revised average of 384,250.

Continuing claims came in at 3,229,000, a decrease of 61,000 from the previous week's revised figure of 3,290,000.

Economists had expected 365,000 initial claims and continuing claims of 3,288,000.