2020.04.1612:37:00UTC+00U.S. Weekly Jobless Claims Drop To 5.245 Million

A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits decreased in the week ended April 11th but remain at a significantly elevated level.

The Labor Department said initial jobless claims dropped to 5.245 million, a decrease of 1.370 million from the previous week's revised level of 6.615 million.

Economists had expected jobless claims to drop to 5.105 million from the 6.606 million originally reported for the previous month.

Meanwhile, the report said the less volatile four-week moving average jumped to 5,508,500, an increase of 1,240,750 from the previous week's revised average of 4,267,750.