A report released by the Labor Department on Thursday showed a notable decrease in first-time claims for U.S. unemployment benefits in the week ended April 25th, although claims remain at a significantly elevated level.
The Labor Department said initial jobless claims tumbled to 3.839 million, a decrease of 603,000 from the previous week’s revised level of 4.442 million.
Economists had expected jobless claims to drop to 3.500 million from the 4.427 million originally reported for the previous week.
The report said the less volatile four-week moving average also dropped to 5,033,250, a decrease of 757,000 from the previous week’s revised average of 5,790,250.
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