Initial Jobless Claims Drop 3.1%

Initial jobless claims dropped 3.1% to 346,000 for the week ending June 1, according to a Labor Department report released today.

After increasing a revised 3.8% the previous week, analysts had expected a milder improvement to 345,000. Initial claims hit an unrevised record low for the recovery in the week ending May 4.

Source: Author, data from Labor Department. 

Although this week's report of an 11,000-initial-claim decrease shows signs of a labor market improvement, the four-week moving average bumped up 1.3% to 352,500 for the fourth consecutive increase. But despite the longer-term rise in initial claims, both the latest week's claims and the four-week average clock in solidly below 400,000, a cutoff point that economists consider a sign of an improving labor market.

On a state-by-state basis, Michigan and North Carolina recorded decreases of more than 1,000 initial claims for the week ending May 25 (most recent available data). Michigan provided no comment for its 2,185 drop in initial claims, while North Carolina cited fewer construction layoffs as the primary driver behind its 1,750 improvement. For the same week, six states registered increases of more than 1,000 initial claims. Service layoffs helped push California's claims up 8,620, while accommodations and food services layoffs were the main culprit behind Missouri's 3,000-claim increase.

link


Read/Post Comments (0) | Recommend This Article (4)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2476103, ~/Articles/ArticleHandler.aspx, 11/26/2014 9:21:09 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement