Initial Jobless Claims

First-time claims on unemployment benefits fell sharply for the week ending April 19, according to the Department of Labor. Initial claims fell 33,000 to 342,000,a 2-month low. Economists had been expecting a gain of 3,000 to 375,000.

The four week moving average, a less volatile measure of initial claims, fell by 7,250 to stand at 369,500.

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