Where are the Jobs? | Main | Today's Top Ten
May 06, 2004

Jobless Claims Lowest Since 2000; Plunge to 315,000

400,000 per week is considered the break-point between a deteriorating and improving economy:

WASHINGTON (Reuters) - America's employment outlook brightened on Thursday after the government said jobless claims dropped last week to their lowest since 2000, bolstering expectations for strong numbers in the April jobs report.

U.S. Treasury bond yields hit a two-year high on the unexpectedly rosy number and the dollar climbed 1 percent against the yen as markets bet heavily the Federal Reserve will hike interest rates this summer as the economy warms.

The picture of a better jobs climate was also backed by an unexpected increase in unit labor costs in the first quarter, alongside respectable productivity growth of 3.5 percent.

First-time claims for state unemployment benefits shrank 25,000 to 315,000 in the week ended May 1, the Labor Department said. It was the third straight week of declines.

Wall Street analysts had forecast a slight fall in claims to 335,000 from a revised 340,000 the previous week.

Grant Wilson, vice president of foreign exchange at Mellon Bank in Pittsburgh, said the jobless numbers were a good omen on the eve of the April employment report.

"We weren't expecting anything as (good) as this. It bodes well for the unemployment number tomorrow," Wilson said.

April non-farm payrolls are set for release at 8:30 a.m. EDT (1230 GMT) on Friday and are forecast to show creation of 173,000 new jobs. That would be a marked moderation from March, when 308,000 were added, but still evidence that labor conditions are tightening.

So there's the estimate.

digg this
posted by Ace at 06:39 PM

| Access Comments

Recent Comments
Cicero (@cicero): "[i]Pope names new Vatican pro- homo bishop who cla ..."

Duncanthrax: "[i]Probably already mentioned, but that's a refere ..."

IllTemperedCur: " When it comes right down to it, Shakespeare is ..."

Colin: "Got my morning update from a UK newspaper...Lots o ..."

Under Fire: "if ..."

Fritz: "Looks like fleet week in Manila.  Er, so I've ..."

Deplorable Ian Galt: "447 From Daily Caller: An American couple decide ..."

grammie winger: "Marengo has recently produced a book that claims H ..."

Under Fire: ">>Yeah, that'll give the Catholics in the pe ..."

rickb223 [/s][/b][/i][/u]: "So how many have heard it pronounced "Salt Saint M ..."

steevy: "Oh God,Will Ferrell and John C Reilly as Holmes an ..."

Brave Sir Robin: "From Daily Caller: An American couple decided to ..."

Recent Entries

Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64