US DATA: Initial jobless claims -16K to 414K (420K expected) in
June 11 wk — now the 10th wk the seasonally adjusted total has been
solidly above 400k. Prev wk revised up 3k to 430k. Labor analyst says
nothing unusual in the report this time, with only Pennsylvania
estimated. Claims drop because seas. factors expected 11.7% (43k)
increase in unadjusted claims, but actual NSA initial claims +7.7%
(+28,094) to 394,910. The 4-wk moving ave unch at 424,750 adjusted.
Continuing claims -21k to 3,675,000 adjusted in the June 4 wk. The
insured unemp rate remains at 2.9% in June 4 wk. Also for the June 4 wk
the states’ claims were skewed towards a decrease, with 20 up and 33
down.