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Politics : Politics for Pros- moderated
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To: LindyBill who wrote (42605)5/6/2004 5:48:03 PM
From: LindyBill   of 793782
 
We keep getting a constant barrage of good economic news.

Jobless Claims Hit 2000 Low




May 6, 1:49 PM (ET)

By Alister Bull
WASHINGTON (Reuters) - America's employment outlook brightened on Thursday after the government said jobless claims dropped last week to their lowest since 2000, bolstering expectations for strong numbers in the April jobs report.

U.S. Treasury bond yields hit a two-year high on the unexpectedly rosy number and the dollar climbed 1 percent against the yen as markets bet heavily the Federal Reserve will hike interest rates this summer as the economy warms.

The picture of a better jobs climate was also backed by an unexpected increase in unit labor costs in the first quarter, alongside respectable productivity growth of 3.5 percent.

First-time claims for state unemployment benefits shrank 25,000 to 315,000 in the week ended May 1, the Labor Department said. It was the third straight week of declines.

Wall Street analysts had forecast a slight fall in claims to 335,000 from a revised 340,000 the previous week.

Grant Wilson, vice president of foreign exchange at Mellon Bank in Pittsburgh, said the jobless numbers were a good omen on the eve of the April employment report.

"We weren't expecting anything as (good) as this. It bodes well for the unemployment number tomorrow," Wilson said.
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