Initial unemployment claims were above in...>

US DATA: Initial unemployment claims were above expectations in the May 

12 employment survey wk, +11k to 222k, vs 215k expected. However, claims 

were 233k in the April 14 survey week, so the comparison is a positive 

sign for payrolls.

- The 4-wk moving avg -2,750 to 213,250 in the May 12 survey wk, lowest 

since the Dec 13, 1969 wk, when it was 210,750. The avg could rise next 

wk as the 209k level in April 21 wk rolls out. The avg was well below 

the 231,500 average in the April 14 survey week, another positive for 

the jobs data. 

- NSA claims +4,295 to 194,557 in the current wk, compared with the 

-5,074 that seasonal factors expected. The current wk's level was still 

below the year ago level of 206,905.

- Claims were again estimated for Colorado and Maine, and still not 

returned to normal in the Virgin Islands and Puerto Rico. 

- Continuing claims -87k to 1.707m in the May 5 wk, lowest since the 

Dec 1, 1973 wk, when it was 1.692m. The four-week avg -39,750 to 1.774m, 

low since Dec 22, 1973 wk, when it was 1.756m.