Jobless Claims Fall Modestly to 422,000 Ahead of Jobs Friday
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Americans filing for initial unemployment benefits fell less than expected last week as the labor market remains under heavy pressure.
Jobless claims for the week ended May 28th fell just 6,000 from an upwardly revised reading of 428,000 in the prior week to 422,000. Economists on the Street had been expecting initial jobless claims to fall to around 417,000.
The Labor Department also offered data on continuing jobless claims Wednesday: 3.711 million compared to the analyst estimate of 3.675 million and down from a revised reading of 3.712 million for the previous week.
The Street will get data on nonfarm, private and manufacturing payrolls Friday, an always-closely-watched indicator of progress in the labor market. Economists are currently looking for a 170,000 job gain in the nonfarm sector, a 180,000 job gain in private payrolls and a 10,000 job gain in the manufacturing sector.
The so-called "Jobs Friday" data will be released at 8:30am EDT.
Jobless claims for the week ended May 28th fell just 6,000 from an upwardly revised reading of 428,000 in the prior week to 422,000. Economists on the Street had been expecting initial jobless claims to fall to around 417,000.
The Labor Department also offered data on continuing jobless claims Wednesday: 3.711 million compared to the analyst estimate of 3.675 million and down from a revised reading of 3.712 million for the previous week.
The Street will get data on nonfarm, private and manufacturing payrolls Friday, an always-closely-watched indicator of progress in the labor market. Economists are currently looking for a 170,000 job gain in the nonfarm sector, a 180,000 job gain in private payrolls and a 10,000 job gain in the manufacturing sector.
The so-called "Jobs Friday" data will be released at 8:30am EDT.
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