Jobless Claims Dip but Remain High

From Associated Press

The Labor Department reported that new applications for jobless benefits dropped a seasonally adjusted 28,000 to 425,000 for the workweek ended May 3.

Even with that decline, claims have been running above the 400,000 mark -- a level associated with a stagnant job market -- for 12 straight weeks.

The four-week moving average of new claims, which smooths out week-to-week fluctuations, rose 3,250 last week to 446,000, the highest level in more than a year.