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US jobless claims not slowing rapidly enough
There were 3.169 million new jobless claims filed in week ending 2 May, bringing the running total to 33.483 million. The only positive thing to say is that it is the fifth straight weekly slowing, but even so, the rate of decline is weaker than hoped – the consensus was 3 million. That said, we are seeing signs of improvement in states that are starting to re-open. In Georgia they fell 39,681 versus the previous week while in Florida they declined 259,912 and Alabama they dropped 46,783. However, other states continue to see a pick-up with New Jersey claims rising 15,574 on the prior week to 87,540. Oklahoma, ... (full story)