Initial Claims increased to 474,000, the highest level in eight months, for the week ending 04/30, against the expected decrease to 407,000, after increasing to 431,000, the revised level for the previous week. The 4-week moving average increased to 431,250, the highest level since November, from the previous week’s revised average of 409,000. Seasonally adjusted insured unemployment from the prior week, ending on 04/23, was 3,733,000, an increase of 74,000 from the preceding week’s revised level of 3,659,000. Seasonally adjusted insured unemployment rate from the week ending on 04/23, was 3.0%, an increase of 0.1% from the previous week’s unrevised figure of 2.9%. Tomorrow, the monthly employment situation is scheduled for release by the Bureau of Labor Statistics at 8:30 AM EST and the unemployment rate is expected to remain unchanged at 8.8% for April from 8.8% recorded in March.
Nonfarm Productivityfor the 1st quarter increased at a 1.6% annual rate, according to preliminary data from the BLS, higher than the expected 1.1% increase. Hours worked increased 1.4% and output increased 3.1%. Nonfarm productivity increased by 2.9% in the fourth quarter of 2010, after increasing by 2.3% in the 3rd quarter and declining by 1.8% in the 2nd quarter of 2010. From the 1st quarter of 2010 to the 1st quarter of 2011, output increased 3.2% while hours rose 1.9%, yielding an increase in productivity of 1.3%. Unit Labor Costsincreased by 1.0% in the 4th quarter, based on preliminary data, against expectations of a 0.8% increase, following a 0.1% decrease in the figure reported in the 4th quarter of 2010.
Upcoming Releases
Unemployment Rate (05/06 at 8:30 AM EST)
Consumer Credit (05/06 at 3:00 PM EST)
Wholesale Inventories (05/10 at 10:00 AM EST)
Trade Balance (05/11 at 8:30 AM EST)
