US first-time jobless claims fall to May 2007 low

Peter Spence
Follow Peter

The latest US economic data shows a huge beat on initial jobless claims.

They fell 32,000 in the week to 4 April, after a fall of 30,000 the week before. First-time jobless claims specifically have dropped to their lowest level since May 2007, or in almost seven years.

The data, from the US Labor Department, sees layoffs trending lower, while hiring regains momentum after the country saw especially harsh weather over the Winter period.

Consensus expectations suggested that we'd see initial jobless claims of 320,000 this week, from 326,000 prior. But the headline number is a lot prettier than forecast - at a low 300,000.

Continuing claims in the week to 29 March dropped from an upwardly-revised 2.838m to 2.776m. They're the lowest since January 2008.