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Instant View: Jobless claims fall, labor market still on mend
NEW YORK |
NEW YORK (Reuters) - The number of Americans lining up for new jobless benefits fell last week for the first time since April, a reminder that the wounded labor market is still slowly healing.
CARL RICCADONNA, SENIOR US ECONOMIST, DIRECTOR, DEUTSCHE BANK, NEW YORK
"This is a generally encouraging report. The fact that the number didn't back up is a strong sign that the economy is holding in. If the economy were really swooning because of events in Europe, it should be accompanied by a backup in jobless claims. We're at a four-week moving average of 378,000, and for the past nine weeks we've been in this range. That's largely being ignored by the markets. It's also consistent with the Beige Book, which had anecdotal information that the economy is holding in. It sends a message to policymakers about whether or not they need to do more, that the outlook is not diminishing."
DAVID SEMMENS, SENIOR US ECONOMIST, STANDARD CHARTERED
"As expected at 377,000, but the upward revision to the prior week puts a slightly negative spin on this report. But the market is far more focused on what Bernanke will say."
VASSILI SEREBRIAKOV, SENIOR CURRENCY STRATEGIST, WELLS FARGO, NEW YORK
"The number was very close to expectations. We've had a deterioration in the last few months and now it looks like claims are plateauing. It doesn't really give you a clear picture of how sharp the recent slowing in the job market was. Overall, this data doesn't add to the debate about whether the Fed should do another round of easing."
PETER JANKOVSKIS, CO-CHIEF INVESTMENT OFFICER, OAKBROOK INVESTMENTS, LISLE, ILLINOIS
"The number was right in line with expectations, (equity) futures barely budged."
"I think the Fed looks at it and certainly leaves the door open for further action but it is not a ringing bell that it should take action right now."
GUS FAUCHER, SENIOR MACROECONOMIST, PNC FINANCIAL SERVICES, PITTSBURGH
"We have had some softening in growth. It's not only in the May payroll report. We have weaker vehicle sales and so on. In the last two weeks, we have been in the 380,000 area. Claims have been higher and this is consistent with the weakening growth we have seen."
STOCKS: U.S. stock index futures held onto earlier gains.
BONDS: U.S. Treasury debt prices also maintained earlier gains.
FOREX: The rose to a session high versus the yen.
(Americas Economics and Markets Desk; +1-646 223-6300)
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