Jobless claims 05/01/2008

Highlights
Jobless claims fell back in the Jan. 5 week to perhaps hint at new strength in the labor market. Initial claims fell 15,000 to 322,000, pushing down the 4-week average to a still high 341,000. Continuing claims, reported for the Dec. 29 week, also showed improvement, down 51,000 to 2.702 million. The data, however, won’t have much effect on the financial markets given seasonal adjustment problems during the shortened weeks of the holidays. Attitudes on the labor market will continue to reflect last week’s disappointing December jobs report.