Initial jobless claims fell by 2,000 to 227,000 in the week ending May 17, the Labor Department said Thursday. Claims have been steady at relatively low levels for most of the year. Economists polled by The Wall Street Journal had estimated new claims would rise by 1,

The number of Americans filing new applications for unemployment benefits dropped last week, suggesting the economy maintained a steady pace of job growth in May, though it is becoming harder for those out of work to find new opportunities.

U.S. jobless claims dipped to 227K, below forecasts, but rising continuing claims suggest growing labor market weakness traders can’t ignore.