Weekly initial jobless claims fell 26,000 in the latest week, better than the consensus estimate provided by Bloomberg News of 565,000., while the 4-week moving average dipped 2,750 to 570,000.
The decline is welcome news as weekly jobless claims have remained at uncomfortable levels. This may be because much of the rebound is concentrated in housing and manufacturing, while the broad-based service sector has been more sluggish.
Witness the ISM non-Manufacturing Index, which indicates the contraction is easing but is yet to move into expansionary territory.
Continuing claims did drop a steep 159,000 to 6.1 million, but it appears that much of the drop may have occurred because the standard six months of benefits have expired and not because unemployed workers have gained new employment.
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