Modest increase in private payrolls

 Initial jobless claims fell 11,000 to 448,000 in the week ending April 24th. The four-week average of claims increased 1,500 to 462,500.

BOTTOM LINE: Initial jobless claims remained elevated and do not corroborate the improvement in April labor market conditions indicated by regional manufacturing employment indexes, consumers’ perceptions of the jobs market, or the ASA staffing index. While headline payrolls will likely be dominated in April by hiring related to the 2010 Census, employment-related data on balance point to only a modest increase in private payrolls in the month.

Source RDQ

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