Although the four-week moving average of initial jobless claims rose by 4,500, the past week?s initial claims fell by 26,000 versus a week prior. This drop was by more than a survey of economists has forecasted, leading to total initial claims of 319,000 versus the predicted 325,000. Economists are now predicting that within several weeks, initial claims should be at or below the historically normal 300,000, adjusted for seasonality. In addition to the initial claims dropping, the ongoing unemployment claims 76,000 to 2.69 million. The firming of the labor market has led analysts to predict that the Fed?s bond-buying program will end before 2015.
See "UPDATE 2-Drop in U.S. jobless claims signals firmer labor market", Lucia Mutikani, Reuters, May 8, 2014