U.S. jobless claims fell to 15-year low in May

Economists are taking the 15-year low in the number of Americans newly filing for unemployment benefits as a sign the labor market may be strengthening.

The four-week average for jobless claims fell from 271,750 to 266,250 for the period ended May 16, according to the U.S. Department of Labor. It’s the lowest four-week average since April 15, 2000.

The number of people continuing to receive unemployment benefits also decreased by 12,000 to 2.21 million for the week ended May 9, nearly a 15-year low from November 2000. During the prior week, the unemployment rate among those eligible for benefits fell 0.1 percent.

According to Bloomberg Business, current layoffs in the job market are related to company- and industry-specific practices, such as cost-cutting or business restructuring.

Read more from Bloomberg Business.