Bloomberg (06/05/14) Jeanna Smialek

The number of people applying for unemployment benefits in the week ended May 31 rose by 8,000 to 312,000, according to the U.S. Department of Labor. The 52 economists surveyed by Bloomberg had forecast claims of 310,000. The four-week moving average of new claims dropped to 310,250, the lowest since June 2007.

NFIB News Release (06/04/14)

National Federation of Independent Business owners increased employment by an average of 0.11 workers per firm in May, the eighth positive month in a row and the best string of gains since 2006. Eleven percent of owners reported adding an average of 3.0 workers per firm over the past few months, down from 13%. Offsetting that, 12% reduced employment an average of 2.3 workers, down from 13%, producing the seasonally adjusted net gain of 0.11 workers per firm overall.

“Twenty-four percent of all owners reported job openings they could not fill in the current period (unchanged), providing some downward pressure on the unemployment rate. Fourteen percent reported using temporary workers, unchanged for several months,” William Dunkelberg, chief economist for NFIB said in a statement. “Job creation plans continued to strengthen and rose two percentage points to a seasonally adjusted net 10%, approaching ‘normal’ levels for a growing economy, even with no growth last quarter. Weak [gross domestic product] numbers apparently did not dampen labor demand a whole lot, with net gains in jobs posting an eight month run.”

Reuters (06/04/14)

The Institute for Supply Management’s services sector index rose to 56.3 in May from 55.2 in April. The index had been expected to reach 55.5. Readings above 50 signal expansion. The new orders index increased to 60.5, the highest level since January 2011, from 58.2 in April. The employment index rose to 52.4 in May from 51.3 in April.