Jobless Claims Drop
Last week, initial unemployment claims fell by the largest number in two months, about 19,000. The number of new jobless claims was a seasonally adjusted 457k, slightly below expectations of 460k. New claims peaked at 651k in March of last year, but many economists believe they need to fall to 425k to signal sustained job growth.
Yesterday, the Commerce Department released official figures on Q1 2010; the GDP grew at an annual rate of 2.7%, normally considered a healthy rate but much slower than the 5.6% growth experienced in Q4 2009.