Jobless Claims Stay Relatively Flat at 370K as Hiring Slows
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Initial claims fell by 2,000 last week to a seasonally adjusted 370,000, down from an upwardly revised reading of 372,000 in the prior week.
Economists surveyed by Reuters and Bloomberg were looking for a reading of 370,000, while broader Street expectations were looking for a drop to 365,000.
Continuing claims fell 29,000 to 3.25 million for the week ended May 12th.
Those on extended benefits slumped 4,800 to 299,955 for the week ended May 5th.
Americans on emergency benefits fell 35,500 to 2.63 million.
Upcoming cuts to extended benefits are likely to have the effect of artificially pushing down numbers and the jobless rate. Those out-of-work are not obligated to look for work, which is a key component to jobless data.
Data from the last few weeks has been relatively tepid going into the summer season and most employers trim hiring during the period until autumn.
Economists surveyed by Reuters and Bloomberg were looking for a reading of 370,000, while broader Street expectations were looking for a drop to 365,000.
Continuing claims fell 29,000 to 3.25 million for the week ended May 12th.
Those on extended benefits slumped 4,800 to 299,955 for the week ended May 5th.
Americans on emergency benefits fell 35,500 to 2.63 million.
Upcoming cuts to extended benefits are likely to have the effect of artificially pushing down numbers and the jobless rate. Those out-of-work are not obligated to look for work, which is a key component to jobless data.
Data from the last few weeks has been relatively tepid going into the summer season and most employers trim hiring during the period until autumn.
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