Fewer Americans than forecast filed applications for unemployment benefits last week, a sign the labor market continues to strengthen, Bloomberg reported.
Jobless claims fell by 27,000 to 300,000 in the week ended May 24, a Labor Department report showed in Washington. The median forecast of 50 economists surveyed by Bloomberg called for 318,000. The four-week average declined to the lowest level since August 2007, before the last recession began, Bloomberg reported.
“Jobless claims are at a very low and attractive level, and that’s stimulating employment growth,” said Russell Price, senior economist at Ameriprise Financial in Detroit, who is among the top forecasters for claims.
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