US Jobless Claims Fall By 13,000

The number of freshly laid-off workers filing new claims for state unemployment benefits fell more than expected last week even as the total number of people collecting benefits set a new record for the 17th time in as many weeks.

The tally of continuing claims, those drawn by workers collecting benefits for more than one week in the week ended May 16, rose by 110,000 to a record 6,788,000. It was the 17th consecutive week in which that figure set a new record. Continued growth in the number signals the unemployment rate, which grew to 8.9% in April, will climb even higher in May.

Initial claims for jobless benefits dropped by 13,000 to a seasonally adjusted 623,000 in the week ended May 23, the Labor Department said in its weekly report Thursday. The Department revised the previous week's figure upward by 5,000 to 636,000.