First-time claims for unemployment benefits are running at the lowest levels in 15 years, providing one sign of hope amid mixed data about the U.S. economy.
Adjusting for seasonal fluctuations, there were 274,000 initial claims for unemployment insurance for the week ending May 16, the Labor Department reported Thursday, only a modest increase from the 15-year low of 264,000 the week before.
The four-week moving average for claims continued to fall, to 266,250. That was the lowest such tally since April 15, 2000.
Falling unemployment claims and lower layoffs are viewed as a positive sign for overall job growth.
Among many other discouraging economic datapoints, including near-zero estimated economic growth in the first quarter, job market indicators have held up slightly better.
The U.S. economy added 223,000 payroll jobs in April, according to the Bureau of Labor Statistics. That number was just enough to dispel fears that the weak 85,000 jobs created in March would be the norm.
The more positive unemployment claims numbers raise hopes for May’s jobs report.
Altogether, there were just under 2.2 million people receiving unemployment benefits at the beginning of May, down from 2.6 million a year before. Benefits are available for a maximum of 26 weeks.
