Jobless Claims: Mostly Steady

Bottom Line: Initial claims declined slightly, holding just above the lows seen in late April. The 4-week average is at 222k, below the 13-week average that is now 224k, indicating the labor market trends are still improving just slightly. Jobless Claims FELL by 1k during the week ended June 2nd, 222k, compared with market expectations for a decline to 220k.The 4-week average ROSE by 2.5k to 222k and the 13 week average FELL by 0.6k to 224k. Continuing Claims ROSE by 21k during the week ended May 26th to 1,741k, after the prior week was revised moderately lower from 1,871k to 1,720k.The 4-week average FELL by 13k to 1,729k. On a non-seasonally adjusted basis, Continuing Claims FELL by 25k to 1,579k during the week ended May 19th. The Insured Jobless Rate STAYED at 1.2% during the week ended May 26th. The insured jobless rate only reflects the number of people collecting regular state unemployment insurance.