Initial Claims Drop to 457,000 - TheStreet



) -- The volume of new applicants for state unemployment benefits took a step in the right direction last week, edging lower after surging the week before, a government report said Thursday,

Initial jobless claims fell to a seasonally adjusted 457,000 for the week ending June 19 from an upwardly revised 476,000 the week before, the Labor Department said. Consensus forecasts provided by

called for a drop to 460,000 from the prior week's pre-revised 472,000 total.

The moving average over the last four weeks, which offers a more level read on new claims data beyond the sharp, week-to-week fluctuations, ticked down by 1,500 to 462,750, while the number of those continuing on jobless benefit rolls fell to 4.548 million for the week ending June 12 from 4.593 million.

Elsewhere, the Commerce Department said durable goods orders decreased in May, falling by 1.1% after rising by 3% in April. Still, Wall Street was expecting orders to drop by 1.3% last month. But after stripping out volatile transportation stats, orders increased by 0.9% in May.

Premarket futures, which were already weak before the releases, trimmed some of their losses. Futures for the

S&P 500

were losing 6.9 points at 1080.5, and were 7.54 points below fair value. Futures for the


were falling by 13.75 points at 1860, and were 13.97 points below fair value.

Written by Sung Moss in New York