May 8 (Bloomberg) — Fewer Americans than forecast filed applications for unemployment benefits last week, a sign the labor market continues to gain traction.
Jobless claims fell 26,000 to 319,000 in the week ended May 3 from a revised 345,000 in the prior period, the Labor Department reported today in Washington. The median forecast of 52 economists surveyed by Bloomberg called for a decrease to 325,000.
Fewer layoffs set the stage for bigger gains in employment and wages. While payrolls rebounded in April after a weather- induced soft patch earlier in the year, many companies are proceeding with caution while they wait for a sustained pickup in consumer spending, which accounts for about 70 percent of the economy.
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