Fewer people applied for unemployment last week as the economy continued its slow recovery.
Seasonally adjusted initial jobless claims declined by 27,000 for the week ended April 28 to 365,000, down from the previous week’s revised figure of 392,000.
The numbers take claims back to the level they were at in late March and suggest the recent spike in unemployment claims was due to distortions caused by the early Easter holiday and not a sign that the economy is weakening, Capital Economics said.
The four-week moving average was 383,500, an increase of 750 from the previous week’s revised average of 382,750.
The advance seasonally adjusted insured unemployment rate was 2.6% for the week ending April 21, unchanged from the prior week.
The advance number for seasonally adjusted insured unemployment during the week ending April 21 was 3.28 million, down 53,000 from the preceding week’s revised level of 3.33 million. The four-week moving average declined 18,250 from the preceding week’s revised average of 3.32 million.
kcurry@housingwire.com
