The DOL reports:
In the week ending May 3, the advance figure for seasonally adjusted initial claims was 319,000, a decrease of 26,000 from the previous week’s revised level. The previous week’s level was revised up by 1,000 from 344,000 to 345,000. The 4-week moving average was 324,750, an increase of 4,500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 320,000 to 320,250.
There were no special factors impacting this week’s initial claims.
The previous week was revised up from 344,000.
The following graph shows the 4-week moving average of weekly claims since January 1971.
Click on graph for larger image.
The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to 324,750.
This was below the consensus forecast of 330,000. The 4-week average is close to normal levels for an expansion.