Job Numbers are still treading water in a choppy recovery
First-time claims for unemployment benefits surprised on the upside in the week ending May 5, as pessimistic expectations trailed a choppy economy.
The number of first-time filers for unemployment benefits fell by 1,000 to 367,000.
This number has remained below the important 400,000 level, but weaker than needed to show a strong recovery is under way.
During the worst part of the 2009 recession, filed claims reached as many as 659,000 in one week.
The 4-week moving average was 379,000 – which smooths out the overall trend – also fell, a decrease of 5,250 from the previous week’s revised average of 384,250.
The unemployment benefits report “suggests job growth is slowing,” said Jennifer Lee, an economist at BMO Capital Markets. “Still growing, mind you, but at a slower pace.”
The advance seasonally adjusted insured unemployment rate was 2.5 percent for the week ending April 28, a decrease of 0.1 percentage point from the prior week’s unrevised rate of 2.6 percent.
The unemployment number during the week ending April 28 was 3,229,000, a decrease of 61,000 from the preceding week’s revised level of 3,290,000.
>>ADP Report Says 209,000 Jobs Were Created in March
Europe’s problems continue to weigh on the U.S. economy and Greece’s possible departure from the Eurozone and its impact on the world economy are being closely watched by economists..
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