First-time claims for U.S. unemployment benefits fell by more than expected in the week ended April 2nd, according to a report released by the Labor Department on Thursday.
The report said initial jobless claims fell to 267,000, a decrease of 9,000 from the previous week's unrevised level of 276,000. Economists had expected claims to edge down to 272,000.
The bigger than expected pullback in jobless claims came on the heels of increases in each of the three previous weeks.
Meanwhile, the Labor Department said the less volatile four-week moving average inched up to 266,750, an increase of 3,500 from the previous week's unrevised average of 263,250.
The uptick lifted the four-week moving average to its highest level since reaching 267,250 in the week ended February 20th.
Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also rose by 19,000 to 2.191 million in the week ended March 26th.
The four-week moving average of continuing claims still edged down to 2,188,750, a decrease of 1,750 from the previous week's revised average of 2,190,500.
Last Friday, the Labor Department released a separate report showing slightly stronger than expected job growth in the month of March.
The report said non-farm payroll employment climbed by 215,000 jobs in March after jumping by an upwardly revised 245,000 in February. Economists had expected an increase of about 210,000 jobs.
Nonetheless, the Labor Department also said the unemployment rate inched up to 5.0 percent in March from 4.9 percent in February. The unemployment rate had been expected to remain unchanged.
The unexpected uptick by the unemployment rate came as more people entered the workforce, as the labor force jumped by 396,000 people while household employment increased by 246,000 people.
For comments and feedback: editorial@rttnews.com