WASHINGTON -- Initial applications for unemployment benefits slid by 1,000 to a seasonally adjusted 367,000 in the week ending May 5, the Labor Department said Thursday.
The four-week average, a less volatile measure, fell by 5,250 to 379,000 in the first decline since late March.
When applications stay consistently below 375,000, it suggests job growth is strong enough to lower the unemployment rate.
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