A report from the Labor Department says that the number of people submitting new applications for unemployment benefits fell last week to 367,000. The number is lower than expected by economists. The four-week average also fell. Economists say that that is a hopeful sign for the economy. The drop in claims will help to ease fears that the labor market is stagnating after employment grew by only 115,00 in April, the lowest in six months.
See "U.S. jobless claims fall, trade gap widens", Lucia Mutikani, Reuters, May 9, 2012