US DATA: Initial jobless claims -29k to 409k in May 14 employment
survey wk, below expectations of 425k, but following an upward revision
to the prev week (438k vs prev 434k). Claims were at a level of 404k in
the Apr 16 employment survey wk. Labor analyst said there were no
comments from states regarding weather issues or auto supply issues in
the May 14 week. State comments for the May 7 wk show a rise in Alabama
partially attributed to the storm impact and a rise in Michigan due to
auto layoffs. The 4-wk moving avg +1,250 to 439k in May 14 wk (6th
straight rise), while continuing claims -81k to 3.711m in the May 7 wk.