The jobless figures for April had showed a 3, 000 fall, again over a three month period.
Yet while some 2m foreigners toil here, a fifth of the native workforce is jobless.
On Thursday, initial jobless claims will be another data point the market will be watching.
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The House passed legislation Thursday giving companies that hire the jobless a temporary payroll tax break.
"People are viewing the weekly jobless numbers with a little bit of trepidation, " he said.
The overall jobless rate may continue to decline as the economy, net, adds more jobs.
Lastly Stiglitz worries that increased investment in capital intensive technology will contribute to a jobless recovery.
The jobless rate fell to 8.3%, the lowest since February 2009, from 8.5% in December.
Jobless claims out on Thursday, and Ben Bernanke will make a speech on Friday.
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Starting with more than expected jobless claims on Thursday then the disappointing non-farm payrolls report Friday.
Economists had expected jobless claims to continue to remain under the 400, 000 mark to around 380, 000.
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Thursday morning, the weekly tally of jobless claims showed 385, 000 first-time filings, a third-straight increase.
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Jobless claims fell by 30, 000 to 339, 000 last week, the fewest applications since February 2008.
The Texas jobless rate is 6.4% while California's is still the third highest at 9.4%.
The anomalous jump in jobless claims last week came from Hurricane Sandy, not human manipulation.
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Many of the new jobless will join the 15 million Mexicans working in the informal economy.
Jobless claims fell to 421, 000 last week, a 17, 000 drop from the week before.
The ISM Non-Manufacturing Index is also out on Wednesday, and jobless claims follows on Thursday.
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Mr. JASSIM: (Through translator) Then I'll sell my car and sit at home jobless.
Conversely as these jobless claims dropped to 450, 000 mark, the market largely moved upwards.
Just on Thursday, the U.S. reported a third straight week of once-again-rising weekly jobless claims.
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Initial jobless claims declined to 414, 000, from an upwardly revised 430, 000 in the prior week.
Pending home sales are out on Wednesday, and then GDP and jobless claims on Thursday.
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This explains why millions of people remain jobless 2 years after the recession supposedly ended.
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In addition, the euro-zone jobless rate for February was in line with expectations at 12%.
Then on Thursday, in addition to the weekly jobless claims, we get the Philadelphia Fed survey.
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Simply put, individual savings would rise in concert with the abolishment of jobless benefits.
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On Thursday, we have the jobless claims and Producer Price Index, followed by the FOMC announcement.
Hurricane Sandy is being blamed for a 78, 000-claim spike in the weekly jobless claims number.
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Initial jobless claims relative to employment have remained near the lows of the 1990s employment boom.
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