Initial Jobless Claims Drop to Three-Month Low

Initial jobless claims fell to a three-month low last week but the number of people receiving continuing claims reached another new record, the Labor Department said Thursday.

Claims for the week ended Saturday fell 34,000 to 601,000 from a revised 635,000 the previous week, Labor said.

The number of Americans collecting jobless benefits rose to a 14th straight weekly record, at 6.35 million for the previous week ended April 25, Labor said.

Last week’s initial claims were forecast by economists to rise to 635,000 from the 631,000 reported originally for the previous week, Bloomberg reported.

The four-week moving average, a less volatile measure, fell to 623,500, from 638,250 a week earlier.