Jobless Claims in US – At lowest level since 2007

The number of Americans who applied for unemployment benefits fell sharply for the second straight week, touching the lowest level since May 2007, but at least part of the drop probably stemmed from lingering seasonal affects tied to a late Easter holiday. 

Initial jobless claims declined by 24,000 to a seasonally adjusted 297,000 in the seven days ended May 10, the Labor Department said Thursday. Economists polled by MarketWatch had expected claims to total 321,000.

The second straight big drop in new claims is probably related partly to a late Easter. The holiday fell on April 20 this year compared with March 31 in 2013, a big gap that makes it harder for the government to seasonally adjust its numbers shortly before and after the holiday.

“There is likely some residual tailwind to initial claims from the timing of Easter this year,” but the level of claims is “consistent with a low rate of firing,” economist Neil Dutta of Renaissance Macro Research wrote in a note to clients.

Indeed, claims have been hovering near postrecession lows for most of 2014 and the latest report is more evidence that companies are letting go fewer workers. In March, for example, the percentage of Americans laid off from their job matched the lowest level since the government began keeping track in 2000.

via Jobless claims fall to lowest level since 2007 – Economic Report – MarketWatch.

In the week ending May 10, the advance figure for seasonally adjusted initial claims was 297,000, a decrease of 24,000 from the previous week’s revised level. This is the lowest level for initial claims since May 12, 2007 when they were 297,000. The previous week’s level was revised up by 2,000 from 319,000 to 321,000. The 4-week moving average was 323,250, a decrease of 2,000 from the previous week’s revised average. The previous week’s average was revised up by 500 from 324,750 to 325,250.

There were no special factors impacting this week’s initial claims.

Chosen excerpts by Job Market Monitor. Read the whole story at Unemployment Insurance Weekly Claims Seasonally Adjusted Data