U.S. unemployment claims tumble to 391 thousand

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Source: Dukascopy
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“The larger-than-expected decline in initial claims appears too good to be true”- Ryan Sweet, a senior economist at Moody's AnalyticsImpact: HighNumber of Americans, claiming for unemployment benefits, tumbled to 391 thousand last week, down from 428 thousand the week be-fore, said the U.S. Census Bureau on Thursday. The reading is much better than expected figure of 420 thousand.“Apart from what might be an anomaly, the underlying trend in the labor force is still disappointing,” said Sean Incremona, a senior economist at 4Cast Inc. “There is a lot of economic uncertainty weighing on the broader economy.”“The larger-than-expected decline in initial claims appears too good to be true,” said Ryan Sweet a senior economist at Moody's Analytics in West Chester, Pennsylvania. “Issues with the seasonal adjustment process may be to blame for the large decline, rather than an improvement in the economy.”
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