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U.S. Jobless Claims Drop to Five-Year Low

While decline in claims suggests fewer firing, it doesnt ensure more hiring.

By Alex Kowalski and Shobhana Chandra, Bloomberg | Updated on May 02, 2013

The number of Americans filing claims for jobless benefits unexpectedly dropped last week to the lowest level in more than five years, indicating companies are retaining staff even as the economy cools.

Applications for unemployment insurance payments fell 18,000 to 324,000 in the week ended April 27, the fewest since January 2008, a month after the last recession started, Labor Department figures showed today in Washington. Economists forecast 345,000 claims, according to the median estimate in a Bloomberg survey. A Labor Department official said there was nothing unusual in the data.

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