Jobless average at 6-week low, but labor market weak by Rachel Koning
The average of first-time filings for unemployment insurance stands at a six-week low, yet the number of Americans who remain on benefits rolls is among the highest of the economic slowdown, government figures showed Thursday. The mixed data show the clip of layoffs may have slowed, but firms remain reluctant to build up their workforce. The seasonally adjusted four-week moving average stood at 427,000 for the week ended last Saturday, slightly larger than the 425,000 predicted by economists, according to Labor Department statistics. That's a decrease of 7,250. For just the week ended May 24, initial claims fell 9,000 to 424,000. The level of claims has remained above the pivotal 400,000 mark for a 15th straight week. Economists say they need to see consistent claims levels below that area before declaring the labor market has turned the corner. The number of continuous benefits collections stood at 3.76 million, a gain of 83,000 from the previous week and the loftiest level since the week ended Nov. 17, 2001.
8:30AM US Q1 GDP revised up to 1.9% by Rex Nutting
The U.S. economy was a bit stronger in the first quarter than original estimates suggested. Real gross domestic product grew at a 1.9% annual pace in the first three months of the year, up from the 1.4% recorded in the fourth quarter and ahead of the 1.6% first-quarter estimate published a month ago, the Commerce Department said Thursday. The upward revision to the first quarter numbers was largely due to stronger consumer spending and higher exports compared with the first estimate, which were offset to some degree by weaker business investment and higher imports.
Gruß
Nobody II
The average of first-time filings for unemployment insurance stands at a six-week low, yet the number of Americans who remain on benefits rolls is among the highest of the economic slowdown, government figures showed Thursday. The mixed data show the clip of layoffs may have slowed, but firms remain reluctant to build up their workforce. The seasonally adjusted four-week moving average stood at 427,000 for the week ended last Saturday, slightly larger than the 425,000 predicted by economists, according to Labor Department statistics. That's a decrease of 7,250. For just the week ended May 24, initial claims fell 9,000 to 424,000. The level of claims has remained above the pivotal 400,000 mark for a 15th straight week. Economists say they need to see consistent claims levels below that area before declaring the labor market has turned the corner. The number of continuous benefits collections stood at 3.76 million, a gain of 83,000 from the previous week and the loftiest level since the week ended Nov. 17, 2001.
8:30AM US Q1 GDP revised up to 1.9% by Rex Nutting
The U.S. economy was a bit stronger in the first quarter than original estimates suggested. Real gross domestic product grew at a 1.9% annual pace in the first three months of the year, up from the 1.4% recorded in the fourth quarter and ahead of the 1.6% first-quarter estimate published a month ago, the Commerce Department said Thursday. The upward revision to the first quarter numbers was largely due to stronger consumer spending and higher exports compared with the first estimate, which were offset to some degree by weaker business investment and higher imports.
Gruß
Nobody II
