The market ignored the horrendous GDP drop for the first quarter and seems to like the jobless decline. Reuters:
Initial claims for state unemployment insurance benefits fell to a seasonally adjusted 631,000 in the week ended April 25 from a revised 645,000 the prior week, the Labor Department said. Analysts polled by Reuters forecast 643,000 new claims versus a previously reported count of 640,000 the week before.
Also, employment costs rose by the lowest amount on record in the first quarter, government data showed Thursday, as the country's severe recession dented compensation amid soaring unemployment.
