8:37 a.m.: Jobless claims hit 4-week low

The Associated Press

May 22, 2008 08:37 am

— WASHINGTON — The number of newly laid off workers filing for unemployment benefits fell unexpectedly last week to the lowest level in a month.
The Labor Department reported Thursday that applications for jobless benefits totaled 365,000, down by 9,000 from last week. Economists had been looking for claims to rise slightly.
Even with the decline, claims remain at a level that indicates the labor market is under stress from the sluggish economy. The four-week average for claims rose to 372,250, up significantly from a year ago when the four-week average was around the 300,000 mark.