Jobless Claims Decline Less than Expected

The Labor Department said initial jobless claims fell 2,000 to 228,000 for the week ending May 4, a less steep decline than the consensus forecast.

The 4-week moving average was 220,250, an increase of 7,750 from the previous week’s unrevised average of 212,500.

The advance seasonally adjusted insured unemployment rate remained unchanged at a very low 1.2% for the week ending April 27.

In lagging data, the advance number for seasonally adjusted insured unemployment came in higher at 1,684,000 during the week ending April 27. That’s an increase of 13,000 from the previous week’s unrevised level of 1,671,000.

The 4-week moving average came in lower at 1,665,750, a decline of 8,000 from the previous week’s unrevised average of 1,673,750.

‘No state was triggered “on” the Extended Benefits program during the week ending April 20.

The highest insured unemployment rates in the week ending April 20 were in Alaska (2.5), Connecticut (2.4), New Jersey (2.2), Rhode Island (2.1), Virgin Islands (2.1), California (2.0), Massachusetts (1.8), Puerto Rico (1.8), Illinois (1.6), and Pennsylvania (1.6).

The largest increases in initial claims for the week ending April 27 were in New York (+6,532), New Jersey (+3,041), Mississippi (+825), Delaware (+782), and Texas (+645), while the largest decreases were in Massachusetts (-6,632), California (-3,588), Rhode Island (-2,466), Connecticut (-1,777), and Illinois (-831).