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Initial unemployment claims were well ahead.>

US DATA
US DATA: Initial unemployment claims were well ahead of expectations in 
the May 19 wk, +11k to 234k vs 220k expected. While claims have moved 
back to more normal levels after hitting multi-decade lows a month ago, 
they still suggest a tight labor market.
- The 4-wk moving avg +6,250 to 219,750 in the May 19 wk. The avg could 
rise further next wk as the 211k level in April 28 wk rolls out. 
- NSA claims +11,654 to 206,868 in the current wk, compared with the 
+1,560 that seasonal factors expected, payback for the lows in 
late-April and early-May. The current wk's level was still slightly 
below the year ago level of 210,544.
- Claims were again estimated for Maine, and still not returned to 
normal in the Virgin Islands and Puerto Rico. 
- Continuing claims +29k to 1.741m in the May 12 employment survey wk, 
-93,000 from the 1.834m level in the April 14 survey week and a strong 
positive sign for the May payrolls data.
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