Jobless Claims Fall More Than Expected

Washington, DC, May 3, 2012 -- Initial claims for unemployment benefits fell by 27,000 to 365,000 in the week ended April 28, according to the Labor Department.

That's down from a revised 392,000 the prior period. Economists called for 379,000 applications.

The decline in layoffs makes it more likely that the surge over the past three weeks was caused by the timing of the Easter holiday.