U.S. ECONOMICS: U.S. Weekly Jobless Claims Preview
U.S. initial jobless claims (8:30 a.m. ET)for the week ended May 10 are expected to see a 2,000 drop to 317,000 from 319,000 (consensus range a wide 300,000 to 325,000). The 26,000 initial claims drop to 319,000 in the first week of May capped the prior three-week climb to a 345,000 (was 344,000) recent-high in the week of Easter from a 301,000 cycle-low at the start of April.
Claims are settling in the 320,000-to- 325,000 area following big April gyrations that are generally attributed to a late Easter with some post-winter tightening. The lean claims trajectory into May suggests upside risk for the May jobs report, where a 200,000-payroll gain is expected.
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