MarketWatch (05/31/12) Greg Robb

The U.S. Department of Commerce estimated today that the economy grew at a 1.9% pace in the first quarter, slower than the 2.2% rate initially reported. The figures are seasonally adjusted and adjusted for price changes. The revisions come from more complete data than were available at the first estimate. Economists surveyed by MarketWatch had been expecting a downward revision to 1.8%.

Economists are forecasting slightly stronger growth—about 2.2% on an annualized basis—in the second quarter ending June 30. The economy is slowly improving, analysts said, but remains held back by too much consumer indebtedness.

Bloomberg (05/31/12)

Private-sector payrolls increased 133,000 in May, led by small businesses and the service-providing sector, according to the ADP Employer Services employment report released today. The April level was revised to a gain of 113,000 from a prior estimate of 119,000. The median estimate of 39 economists surveyed by Bloomberg News called for a May advance of 150,000.

Associated Press (05/31/12)

The number of Americans who filed requests for jobless benefits climbed by 10,000 last week to 383,000, the highest level in five weeks, the U.S. Department of Labor reported today. Claims from two weeks ago were revised up to 373,000 from 370,000. The four-week average increased for the first time in a month to 374,500.

Unemployment claim applications had leveled off at about 370,000 for four weeks. That decline suggested that hiring could pick up in May. Applications below 375,000 typically suggest that hiring is strong enough to reduce the unemployment rate.

The Conference Board (05/30/2012)

Online advertised vacancies dipped 45,700 in May to 4,714,800, according to the Conference Board Help Wanted OnLine Data Series released on May 30. Its supply/demand rate stands at 2.6 unemployed for every vacancy. In May the number of unemployed was 7.7 million above the number of advertised vacancies—compared with 10 million above in the fall of 2011.

“After rising 564,000 over the last five months, labor demand dipped in May. Despite this drop, strong employer demand has created growing opportunities for both job-changers and the unemployed and has also helped significantly lower the unemployment rate,” says June Shelp, vice president at the Conference Board. More than half of states posted advertised vacancies in May that were above their prerecession highs. The largest gains were in the Midwest, with Michigan up 53% from its prerecession high. Other Midwestern states with increases above 40% include North Dakota (46%), Indiana (44%), and Ohio (41%).

USA Today (05/31/12) Christopher S. Rugaber

The U.S. Department of Labor reports a decline in unemployment rates in 356 of the 372 biggest metro areas in April, up from 339 showing decreases in April 2011. The number of cities with unemployment rates under 7% rose to 163 from 100, while the number with jobless rates above 10% slipped from 79 to 41. The lowest unemployment rate in the nation is 2.8% in Bismarck, ND, and the highest is 26.8% in El Centro, CA. Of the 49 biggest U.S. cities, Oklahoma City, has the lowest unemployment rate at 4%, and Riverside-San Bernardino, CA, has the highest at 11.7%.