Claims for jobless benefits near 5-year low

WASHINGTON -- Initial claims for unemployment benefits fell 16,000 to 339,000 the week ended April 20, the Labor Department said Thursday.

It's the second-lowest level in five years.

And the four-week moving average of claims, which smooths out weekly fluctuations, fell 4,500 to 357,500 last week.

The latest number is well below economists' consensus estimates of a seasonally adjusted 350,000, and suggest hiring may be improving from March's sluggish pace.

Last month, employers added just 88,000 nonfarm jobs to payrolls. That was a sharp drop from the previous four months, when an average 220,000 jobs a month were created.

When weekly claims for unemployment benefits stay below 350,000 for weeks in a row, economists agree that workers are more likely to be able to find a job rather than continue receiving unemployment benefits.

In this week's report, claims for jobless benefits the week ended April 13 were revised up to 355,000 from 352,000.

Contributing: The Associated Press