The report for Weekly Jobless Claims did show a drop, just not one that shows a robust labor market. There was a 10,000 drop to 453,000, but that is based on the prior week’s figure going from 460,000 to 463,000. The for-week average actually rose again by 1,750 to 459,000. There is also of course the ADP data.
The army of unemployed measured by the continuing jobless claims rose by 31,000 to 4,666,000 from the prior week’s revised level of 4,635,000.
The good news about this last week is that weeks right before and after a holiday are skewed.
ADP still attempts to offer insight into the monthly unemployment and non-farm payrolls data, which is due tomorrow. ADP estimated that some 55,000 jobs were created in May. That is a gain, but it is south of the 75,000 expected. ADP revised its April figures higher to 65,000 rather than 32,000.
This is all ahead of tomorrow’s big data, which is expected to show a gain of more than 500,000 jobs in the non-farm payrolls.
JON C. OGG
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