Unemployment Insurance Claims Dip

May 23, 2002 (PLANSPONSOR.com) - The number of individuals who filed for unemployment insurance for the first time dipped slightly as the federal program for re-filings wound down, but remained above the key 400,000 mark.

Initial unemployment benefits claims dropped by 9,000 to 416,000 in the week ending May 18, from a revised 425,000 the previous week. Economists had predicted a drop of 8,000.

The four-week moving average, which gives a better perspective of labor market trends, fell from 422,750 to 420,000 in the latest week.