Jobless Claims Decline

The number of Americans submitting new applications for jobless benefits fell last week, easing concerns the labor market was deteriorating after surprisingly weak employment growth in April. According to the Department of Labor, new claims for state unemployment benefits slipped 1,000 last week to a seasonally adjusted 367,000. Economists who had expected claims to rise to 369,000 said the decline suggested seasonal distortions that had led to a spike in applications last month was probably over.

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