Initial Jobless Claims Fall to 365,000

The Labor Department reported this morning that initial jobless claims fell last week to 365,000. This was 14,000 below Wall Street’s expectation.

The previous reading was 392,000. Some folks had been getting nervous because jobless claims had suddenly popped up after a long, steady decline. And that 392,000 number was just revised down to 388,000. Last week’s decline was the biggest drop in more than one year.

Today’s report comes just before tomorrow’s big jobs report. Wall Street expects a meager gain of 140,000 jobs and the unemployment rate will stay steady at 8.2%.

Posted by Eddy Elfenbein on May 3rd, 2012 at 9:21 am

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