The results of the initial jobless claims report for the week ending May 18:
- Prior reading was 360K (revised to 363K)
- Continuing claims 2912K vs 3000K expected
Nice rebound in claims after a blip last week. The employment picture in the US continues to look solid.
The jobless claims report should alleviate some of the jitters in markets but the next risk comes a couple minutes before the top of the hour with the May Markit manufacturing PMI. It’s expected to fall to 51.2 from 52.1 but there have been some very weak signs for US manufacturing lately.
