Jobless Claims (4-Wk. Avg.) Drop to Lowest Level in 40 Weeks, Down 132,500 (-20.1%) From April Peak
WASHINGTON (Reuters) - The number of U.S. workers filing new claims for jobless benefits dipped by 1,000 last week, while the number collecting long-term aid fell to the lowest reading in seven months as the job market steadied. Another key gauge of underlying labor market health, the 4-week moving average for new claims, decreased by 6,000 to 526,250, which was the smallest reading since January.
MP: The 4-week moving average of 526,250 is now 132,500 below the early April peak of 658,750, and has dropped to the lowest level since January 17, a 40-week low.