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Weekly jobless claims increase slightly

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Weekly jobless claims increase slightly

Weekly claims figure of 262,000 beats analysts’ expectations.

The Labor Department today reported that seasonally-adjusted initial claims for unemployment insurance for the week ended May 2 were 265,000, an increase of 3,000 from the previous week's figure.  

Analysts had expected an increase to 280,000.

The 4-week moving average, which smoothes out volatility to a certain extent, fell 4,250 to 279,500.

Weekly claims have stayed below the 300,000 level eight straight months, which suggests to most economists that the labor market continues to strengthen, despite a disappointing report yesterday from payroll-processing giant ADP on private sector job growth.   The government will release its nonfarm payroll figures for April tomorrow.

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