Market Mover Thursday: Weekly Jobless Claims Fall…4 wk average rises..

4 week average is still inching up..let’s see what tomorrow’s monthly job report shows, high hopes and low expectations….

CNBC:

…Initial claims for state unemployment insurance benefits fell 4,000 to a seasonally adjusted 621,000 in the week ended May 30, the Labor Department said. The week covered the Memorial Day holiday, which could have had an impact on the data.

Analysts polled by Reuters had forecast new claims slipping to 620,000 from a previously reported count of 623,000.

The number of people staying on the benefit rolls after collecting an initial week of aid fell 15,000 to 6.74 million in the week ended May 23, the latest week for which the data is available….

...However, the four-week moving average for new claims, considered to be a better gauge of underlying trends as it smoothes out week-to-week volatility, rose 4,000 to 631,250 in the week ending May 30.

Productivity, Hours worked and labor costs:

…non-farm productivity rose at a revised 1.6 percent annual rate, the fastest since the third quarter of 2008. This was well above initial estimates of a 0.8 percent increase published last month and the 0.6 percent drop in the fourth quarter.

Hours worked plunged at a 9 percent annual rate in the first quarter, the largest decline since the first quarter of 1975. Hours worked in manufacturing tumbled at an annual rate of 19.5 percent, the biggest quarterly drop on records dating back to 1987.

Unit labor costs, a gauge of inflation and profit pressures closely watched by the Federal Reserve, increased 3.0 percent in the first quarter, a touch above Wall Street’s estimates for a 2.9 percent advance…

June 4, 2009. Tags: , , , . Economy, Finance, Labor Department, Politics, Uncategorized, Unemployment Statistics, Wall St. Comments off.

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