Oxford, MS 5/26/2011 (PennyPayDay) -- The weekly report on Initial Jobless Claims was up 10k from the week before to 424k for the week ended May 21. The result was 20k more than expected.
Continuing Claims were down 46k to 3.690 million for the week ended May 14.
The Federal extended and emergency benefits programs were down 63k to 4.046 million for the week ended May 7.
The first revision of Q1 GDP fell short of the forecast, it was unrevised at +1.8%. The key was a downward revision to the important Personal Consumption component to +2.2% from the initial reading of +2.7%. But Gross Private Investment is now said to be +12.3% on the quarter, an upward change of almost four percent. Also offsetting was Inventories, but Net Exports were little changed from the initial report.
The GDP Price Deflator was unrevised at +1.9%, but the PCE Core inflation measure was revised down one tenth to +1.4%.