US Jobless Claims Drop Back After New York School Break Ends
- New applications for benefits fell 10,000 last week to 222,000
- The four-week moving average hit the highest since November
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Initial applications for US unemployment benefits fell last week, after seasonal factors caused a significant increase in New York claims in the prior week.
Initial claims decreased by 10,000 to 222,000 in the week ended May 11, according to Labor Department data released Thursday. The median forecast in a Bloomberg survey of economists called for 220,000.