BUREAU OF LABOR STATISTICS, DAILY REPORT, THURSDAY, MAY 23, 2002: New claims for U.S. unemployment benefits fell by 9,000 in the latest week, but remained stubbornly high with a slowly improving economy failing to translate into job growth. The level of initial claims for state benefits, which gives an early reading on the situation of the labor market, slipped to 416,000 in the May 18 week from a revised 425,000 in the prior week. But claims did not drop as far as Wall Street economists' forecast of 412,000. The Labor Department had originally reported new claims in the May 11 week at 418,000. In a sign the pace of hiring was slow, the number of unemployed workers who continued to collect benefits was at its highest since February 1983 (Reuters, <http://www.usatoday.com/money/economy/2002-05-23-jobless.htm>.
Orders to U.S. factories for big-ticket goods jumped 1.1 percent in April, with demand especially strong for cars, communications equipment and machinery. The solid advance came after orders for durables -- items expected to last at least 3 years -- edged up 0.2 percent in March, the Commerce Department reported Thursday. Excluding the volatile transportation component, where orders can bounce around from month-to-month, durable-goods orders grew 2.9 percent in April, biggest increase since October. With April's increase, orders for costly manufactured goods have gone up 5 straight months, a good sign for the nation's manufacturers, who had borne the brunt of last year's recession and saw hundreds of thousands of jobs evaporate. Thursday's report, along with other recent data, show the manufacturing sector is on the mend (Associated Press, <http://www.usatoday.com/money/economy/2002-05-23-durables.htm>).
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