WASHINGTON May 19, 2005 — The number of new people signing up for jobless benefits dropped sharply last week, offering an encouraging sign for the health of the labor market.
The Labor Department reported Thursday that new applications filed for unemployment insurance declined by a seasonally adjusted 20,000 to 321,000 for the week ending May 14. The decline, larger than expected, pleased economists.
The four-week moving average of claims, which smooths out week-to-week fluctuations, rose last week to 329,750, an increase of 5,500 from the previous week. Even with the rise, the level of claims still pointed to a job market that is improving, analysts said. |