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Jobless Claims Dip 10,000

Initial weekly jobless claims for the week ended May 29 came in at 453,000, down 10,000 from an upwardly revised 463,000 the previous week

Updated to add productivity report details.

Initial weekly jobless claims for the week ended May 29 came in at 453,000, down 10,000 from an upwardly revised 463,000 the previous week and vs. expectations of 455,000, the Department of Labor reported Thursday. The four-week moving average of initial claims rose 1,750 to 459,000.

Continuing claims for the week ended May 22 came in at 4.666 million, up from an upwardly revised figure of 4.635 million the week prior and compared to expectations of 4.600 million.

Non-farm private employment increased 55,000 in May, according to the ADP report. The April jobs gain was revised upward to 65,000 from the initial estimate of 32,000.

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Productivity increased 2.8% in the nonfarm business sector during the first quarter of 2010, revised down from an initial estimate of 3.6% and well below the consensus estimate of 3.4%.

Unit labor costs in nonfarm businesses fell 1.3% in the first quarter of 2010, as the 2.8% increase in productivity outpaced a 1.5% gain in hourly compensation. Unit labor costs fell 4.2% over the last four quarters, as the 6.1% increase in output per hour over that period outpaced a 1.6% rise in hourly compensation.

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This article was written by a staff member of RealMoney.com.