Initial Jobless Benefit Claims Decline

The number of U.S. workers applying for first-time state jobless benefits declined last week, in line with expectations, the Labor Department reported.

Initial unemployment claims fell by 31,000 to a seasonally adjusted 421,000 for the week ended April 20.

The four-week moving average, considered a more reliable gauge of employment conditions because it irons out weekly fluctuations, rose for the eighth week in a row, hitting 452,500. That was the highest level since November.