Jobless Claims Off Last Week

Washington, DC, May 17, 2007--Jobless claims fell 5,000 to 293,000 on a seasonally adjusted basis in the week ended May 12, the Labor Department said Thursday. Claims for the May 5 week were revised to 298,000 from 297,000.

Claims levels below 300,000, if sustained, are usually consistent with very strong monthly job growth.

The four-week average declined 2,000 to 305,500.

Continuing claims for workers drawing unemployment benefits for more than a week tumbled by 78,000 to 2,473,000 in the week ended May 5, the latest week for which such data are available. That's the lowest level since Jan. 27.

The insured unemployment rate was unchanged at 1.9% in the May 5 week.