Jobless Claims Off by 4,000

Washington, DC, May 31, 2007--Applications for initial jobless claims fell by 4,000 to a seasonally adjusted 310,000 in the week ending May 26, according to a Labor Department report. 

The four-week average of initial claims, considered a better gauge of underlying labor market strength because it smoothes out often-volatile data, rose by 1,000 to 304,500, the highest since May 12.

The insured unemployment rate -- the percentage of those covered by unemployment insurance that are collecting benefits -- remained at 1.9%.