Jobless Claims Hit Post-Recession Low; Spending Rate Weak

Weekly jobless claims fell to the lowest four-week moving average since November 2007 and personal spending in May declined slightly after adjusting for inflation.

For the week that ended June 21, initial claims by those seeking unemployment insurance benefits were 312,000, a decrease of 2,000 from the previous week's level, according to the U.S. Department of Labor.

The four-week moving average fell by 13,000 to 2.59 million. The highest unemployment rates in the week ending June 7 were in Alaska, Puerto Rico and California; the largest increases in initial claims were in Pennsylvania , California and Wisconsin.

Separately, personal spending in May increased 0.2 percent, the Commerce Department said Thursday. However, adjusted for inflation, the figure decreased 0.1 percent, compared with a decrease of 0.2 percent in April.

Disposable personal income, which deducts personal current taxes, grew $55.6 billion (0.4 percent) in May compared to an increase of $50.8 billion (0.4 percent) in April.

Spending on vehicles and auto parts rose, while declining for non-durable goods and services.

Posted In: NewsEcon #s
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