Initial Claims decreased to 444,000, for the week ending 05/01, higher than the expected decrease to 440,000, after decreasing to 451,000, the revised level for the previous week. The 4-week moving average decreased to 458,500, from the previous week’s revised average of 463,250. Seasonally adjusted insured unemployment from the prior week, ending on 04/24, was 4,594,000, a decrease of 59,000 from the preceding week’s revised level of 4,653,000. Seasonally adjusted insured unemployment rate from the week ending on 04/24, was 3.6%, unchanged from the previous week’s unrevised figure of 3.6%. 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 decrease to 9.6% for April from 9.7% recorded in March. 
 
Nonfarm Productivity for the 1st quarter gained 3.6% annualized, according to preliminary data from the BLS, higher than the expected 2.6% increase. Nonfarm productivity increased by 6.3% in the fourth quarter of 2009, revised downward from 6.9%, after increasing by 7.8% and 6.9% in the 3rd and 2nd  quarters of 2009. Output increased by 3.1% from the first quarter of 2009 to the first quarter of 2010, while hours fell 3.0%, yielding an increase in productivity of 6.3%. This gain in productivity from the same quarter a year ago was the largest since output per hour increased 7.0% over the four-quarter period ending in the first quarter of 1962. Unit Labor Costs fell by 1.6% in the 1st quarter, based on preliminary data, more than the expected 1.0% decline, following a 5.6% decrease in the figure reported in the 4th quarter of 2009, revised from the initial 5.9% decline. 

Upcoming Releases
Unemployment Rate (05/07 at 8:30 AM EST)
Consumer Credit (05/07 at 3:00 PM EST)
Wholesale Inventories (05/07 at 3:00 PM EST)
Trade Balance (05/07 at 3:00 PM EST) 
  

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