Jobless Claims Fall Back To ‘Normal’

Jobless claims from first-time filers fell 29,000 to 409,000 last week, the Labor Department announced today.

With that, claims are basically back to where they were a month ago, before the inexplicable surge in claims that baffled many economists.

Economists believe that more jobs are being added than shed when weekly jobless claims drop below 400,000, a milestone that the weekly claims have only flirted with so far this year.

For the week ended April 30, the most recent week data were available, 7.9 million Americans were receiving some form of unemployment checks from the government: 3.7 million were receiving regular state benefits, a decrease of 46,000 from the prior week; 3.4 million were receiving emergency benefits for those who had exhausted their regular state benefits, an increase of 53,000 form the prior week.