By Ed Morrissey/Hotair.com
The Department of Labor released its latest count of initial jobless claims, and the news is good — but only incrementally. The big spike in weekly jobless claims has reduced itself down from a peak of 474,000 three weeks ago to 409,000 last week. We are still significantly above the trend from earlier in the year that had initial jobless claims in the 380K range, however:
In the week ending May 14, the advance figure for seasonally adjusted initial claims was 409,000, a decrease of 29,000 from the previous week’s revised figure of 438,000. The 4-week moving average was 439,000, an increase of 1,250 from the previous week’s revised average of 437,750.
The advance seasonally adjusted insured unemployment rate was 3.0 percent for the week ending May 7, unchanged from the prior week’s unrevised rate of 3.0 percent.