This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Jobless Claims Drop 29,000

NEW YORK ( TheStreet) -- The number of Americans filing unemployment claims for the first dropped more than expected last week, the Labor Department said early Thursday.

Initial jobless claims dropped by 29,000 to 409,000 on a seasonally adjusted basis in the week ended May 14, from an upwardly revised 438,000. Economists were expecting jobless claims to drop to 420,000 from the previous week's originally reported figure of 434,000, according to Briefing.com.

Unemployment

Continuing claims for the week ended May 7 dropped 81,000 to 3.71 million from the preceding week's revised level of 3.792 million. Economists were expecting continuing claims of 3.7 million.

The advance seasonally adjusted insured unemployment rate was 3.0 percent for the week ending May 7, unchanged from the prior week's unrevised rate of 3.0 percent.

The four-week moving average in initial jobless claims was 439,000, an increase of 1,250 from the previous week's revised average of 437,750. The four-week moving average in continuing claims was 3.728 million, an increase of 750 from the previous week's revised average of 3.727 million.

Jobless claims have been elevated in recent weeks, though economists have said the data is too erratic to draw conclusions about the health of the employment market. Economists hope to see claims closer to 400,000 and below over several weeks for signs that the jobs recovery is on track.

Stock futures stayed up following the report. The SPDR Dow Jones Industrial Average ETF (DIA), the SPDR S&P 500 ETF (SPY) and the PowerShares QQQ (QQQ) were gaining 0.3% each.

-- Written by Shanthi Bharatwaj in New York



>To contact the writer of this article, click here: Shanthi Bharatwaj.

>To follow the writer on Twitter, go to http://twitter.com/shavenk.

>To submit a news tip, send an email to: tips@thestreet.com.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
DIA $179.90 0.00%
QQQ $109.05 0.00%
SPY $210.72 0.00%
AAPL $128.95 0.00%
FB $78.99 0.00%

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs