Unemployment Benefits Fall For Second Week Straight

It’s time for our weekly U.S. unemployment aid applications report.

Applications for jobless benefits fell by 18,000 for the week ending April 27, bringing the total to 324,000, down from last week’s revised figure of 342,000, the Labor Department announced on Thursday.

The four-week moving average, a “less volatile” figure, fell by 16,000, bringing the total to 342,250, up from the previous average of 358,250.

This is an official five-year low for unemployment benefits.

The advance seasonally adjusted insured unemployment rate was 2.3 percent for the week ending April 20, unchanged from the prior week’s unrevised rate,” the report reads.

“The advance number for seasonally adjusted insured unemployment during the week ending April 20 was 3,019,000, an increase of 12,000 from the preceding week’s revised level of 3,007,000. The 4-week moving average was 3,055,500, a decrease of 18,000 from the preceding week’s revised average of 3,073,500,” it adds.

The states with the largest increases in initial claims for the week ending April 20 were Michigan (+6,172), Massachusetts (+4,101), Connecticut (+2,452), Rhode Island (+1,427), and Nevada (+535).

Meanwhile, California (-16,681), New York (-6,443), Pennsylvania (-3,646), Texas (-3,070), and Indiana (-1,637) posted the biggest decreases in initial claims.

Markets are opening mixed:

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