- US DATA: Initial jobless claims -42k to 415k in Jan. 29 wk, below expectations of 425k.
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3 February 2011
US DATA: Initial jobless claims -42k to 415k in Jan. 29 wk, below expectations of 425k.
Labor analyst says drop 'is the backside' of the unexpected surge in claims last wk from 4 southeast states - they are among largest decreases this wk. Seasonal factors expected a 4.2% drop in NSA, or about 20k. Actual NSA claims -5.5%, or -26,633, to 459,683. Puerto Rico estimated. 4-wk moving avg +1k to 430,500. Cont. claims +84k to 3.925m in Jan. 22 wk.
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US DATA: Prelim 4Q nonfarm productivity +2.6% (+2.0% expected), +1.7% y/y. ULC costs -0.6% (no chng expected), -0.2% y/y. 3Q prod revised to +2.4% from +2.3% prev. 3Q ULC unrevised at -0.1%. 4Q output +4.5%, hours worked +1.8%. Compensation +1.9%, real compensation -0.6%.
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