National unemployment claims decrease

Initial unemployment claims totaled 319,000 for the week ended May 3, down from the previous week and four-week moving average.

The latest weekly data represents a decrease of 26,000 from the previous week's revised level of 345,000, according to data released May 8 by the U.S. Department of Labor.

The four-week moving average moved up by 4,500 to 324,750.

Initial unemployment claims in Missouri were 4,875 for the week ended May 3, down 266 from the previous week and 1,038 from a year earlier.

The Labor Department defines an initial claim as one filed by an unemployed individual after separating from an employer. It is considered a leading economic indicator because it points to emerging labor market conditions in the country, according to the release.

The national unemployment rate dropped to 6.3 percent in April from 6.7 percent in March, according to the latest available data from the Bureau of Labor Statistics.