US DATA: Initial jobless claims +10k to 424k in May 21 week, far
above expectations of 405k, and follows an upward revision to the prev
week (414k vs prev 409k). Labor analyst says there were no comments from
states regarding weather issues, with nothing unusual in the data and no
states estimated. Unadjusted claims +10,284 to 371,857 vs seas. factors’
expectation of a 1.6k increase. The 4-wk moving avg -1,750 to 438.5k in
May 21 wk (1st decrease after six straight increases). Continuing claims
-46k to 3.690m in the May 14 employment survey wk. Cont. claims were at
a level of 3.659m in the Apr 16 employment survey wk.