Jobless Claims Fall by 35,000, the Largest Drop in 8 Months

 144.0 million
Total employment in May'06, adding 2.4 million jobs over the year

2.415 million

US total insured unemployment during the week ending May 27

The Labor Department reported today that 302,000 laid off American workers filed for benefits in the week ending June 3, down by 35,000 from the previous week. This is the largest drop in jobless claims in 8 months, since jobless claims fell by 65,000 during the week ending Sept. 24.
  • The advance number for seasonally adjusted insured unemployment during the week ending May 27 was 2,415,000, a decrease of 5,000 from the preceding week's revised level of 2,420,000. 
  • Market believes that jobless claims numbers will begin rising soon, as indicated by the government report last Friday that businesses created just 75,000 new jobs in May, far below the 170,000 job gain expected.
  • The unemployment rate, which is based on a survey of households rather than business payroll analysis, fell to a five-year low of 4.6% last month. 

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