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Initial claims in line (at 1.877mln...>

US DATA REACT
US DATA REACT: Initial claims in line (at 1.877mln in May 30 week vs 1.833mln
expected, minor revision to previous week). However, continuing claims were on
the high side at 21.487mln, vs forecast 20.0mln. Not much reaction, Tsys a
little stronger.
- The State outliers that most heavily contributed to the previous surprise
decline in the previous continuing claims report  - California and Florida -
posting +618k and +77k this time, after around -1.5mln each in last week's
report. Somewhere between the two figures is probably right, and continuing
claims are clearly past the peak, though these numbers should all be taken with
a grain of salt.

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