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Purveyor

(29,876 posts)
Thu Jun 2, 2016, 12:41 PM Jun 2016

Filings for U.S. Jobless Benefits Fall for Third Straight Week

Source: Bloomberg

June 2, 2016 — 8:30 AM EDT
Updated on June 2, 2016 — 8:47 AM EDT

Filings for U.S. unemployment benefits declined for a third consecutive week, signaling sustained firming in the labor market.

Jobless claims fell by 1,000 to 267,000 in the week ended May 28, a Labor Department report showed Thursday. The median forecast of economists surveyed by Bloomberg called for applications to edge up to 270,000.

Dismissals have been unusually subdued for more than a year as employers find little reason to trim staff amid a stable, if somewhat lackluster, demand outlook. The monthly jobs report on Friday is expected to show further labor-market improvement, which Federal Reserve officials will consider as they gauge whether to raise the benchmark interest rate at their June 14-15 meeting.

“It seems there’s a cautious optimism,” said Brett Ryan, U.S. economist at Deutsche Bank Securities Inc. in New York. For the Fed, “it’s a dual mandate, but the labor market leads inflation. The direction of the labor market is a No. 1 priority.”



Read more: http://www.bloomberg.com/news/articles/2016-06-02/filings-for-u-s-jobless-benefits-fall-for-third-straight-week



Tightening U.S. Labor Market Boosts Economic Growth Outlook

U.S. private employers increased hiring in May and new applications for jobless benefits fell last week, further boosting the economic outlook for the second quarter.

Another report on Thursday showed planned layoffs by U.S.-based employers fell 53 percent to a five-month low last month.

The steady stream of upbeat data suggest the economy is regaining momentum after growth slowed sharply at the start of the year, which could allow the Federal Reserve to raise interest rates later this month or in July.
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"Labor market conditions are stable, which is all the reassurance the Fed will need to act soon," said Paul Ashworth, chief U.S. economist at Capital Economics in Toronto.

The ADP National Employment Report showed private payrolls increased 173,000 last month on top of the 166,000 jobs added in April. Gains in private employment were nearly broad-based last month, though manufacturing lost 3,000 jobs.

more...

http://www.reuters.com/article/us-usa-economy-idUSKCN0YO1I8
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