Released on 5/12/2011 8:30:00 AM For wk5/7, 2011
Prior Consensus Consensus Range Actual
New Claims – Level 474 K 430 K 415 K to 465 K 434 K
4-week Moving Average – Level 431.25 K 436.75 K
In what is a big relief for the jobs outlook, initial claims fell back sharply following a giant special-factor spike in the prior week. Initial claims fell 44,000 in the May 7 week to 434,000 with the prior week revised to 478,000. Despite the decline, the current numbers remain above March with the four-week average continuing to rise, up 4,000 to 436,750 for a very significant 40,000 increase from 1 month-ago . Claims came down in the latest week but further declines will be needed in the weeks ahead before confidence in job growth can build.
Initial jobless claims for the last week of April surged 43,000 to 474,000. But the government cited special factors behind the jump. The biggest factor was a timing adjustment for a spring break in New York State followed by the emergency benefit plan in Oregon. The third factor was the auto sector where claims related to retooling increased.