Chain Store Sales
Sales are firm and on trend at the nation's chain stores some of which are raising guidance following their April results.
Challenger Job-Cut Report
Challenger's layoff count rose to 40,559 in April vs 37,880 in March and vs 36,490 in April last year. Layoff announcements were in the low 50,000 area in February and January. For April, education is the sector hit the heaviest as school districts continue to cut costs.
Jobless Claims
Jobless claims fell very convincingly in the April 28 week, down 27,000 to a much lower-than-expected level of 365,000.
But this is only one week of improvement which is reflected in the four-week average that, despite the big decline, rose slightly in the week to 383,500. This level is still tangibly higher than the 360,000 levels through March.
Productivity and Costs
Productivity declined (-0.5%) in the first quarter on slower output and more hours worked.
Labor costs grew less than expected ( 2%.)
Friday the Labor Department will post the monthly jobs report.
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