U.S. Jobless Claims Fell Last Week

By Sarah Chaney and Jeffrey Sparshott Features Dow Jones Newswires

WASHINGTON-The number of Americans applying for first-time unemployment benefits fell last week, the latest sign of steady job creation.

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Initial jobless claims, a proxy for layoffs across the U.S., fell 10,000 to a seasonally adjusted 245,000 in the week ended June 3, the Labor Department said Thursday. Economists surveyed by The Wall Street Journal had forecast 240,000 new claims.

Estimates of jobless claims can be volatile from week to week, but generally have hovered near four-decade lows in recent months, suggesting that employers are holding on to workers.

The four-week moving average of initial claims, which evens out weekly volatility, increased by 2,250 last week to 242,000.

The number of claims drawn by workers for longer than a week--so-called continuing claims--declined 2,000 to 1.92 million in the week ended May 27. Data on continuing claims are released with a one-week lag.

The four-week moving average of continuing claims dropped to 1.91 million in the week ended May 27, the lowest level for this average since January 1974.

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The persistently low level of layoffs is one sign the labor market is tightening and may be at or near the level that economists consider maximum employment. The Labor Department said in its May jobs report that the economy added a seasonally adjusted 138,000 jobs in May and the unemployment rate dropped to 4.3%, a 16-year low.

The Labor Department's latest report on jobless claims can be accessed at: https://www.dol.gov/ui/data.pdf

Write to Sarah Chaney at sarah.chaney@wsj.com and Jeffrey Sparshott at jeffrey.sparshott@wsj.com

(END) Dow Jones Newswires

June 08, 2017 08:45 ET (12:45 GMT)