4-Week Jobless Claims Average Hits 5-Year High

U.S. claims for jobless benefits dropped by 10,000 last week, but a more accurate barometer of labor market trends rose to its highest level in five years. Initial jobless claims for state unemployment insurance benefits fell to 385,000 in the week ended April 14 from a revised 395,000 in the previous week, the Labor Department said. The closely watched four-week moving average, which irons out weekly fluctuations, rose for the third consecutive week to 382,250 in the week ended April 14 from 381,500 for the previous week. This was its highest level since 388,500 in the week of April 13, 1996.