Running out of persons to lay off:
A separate report from the Labor Department showed initial claims for state unemployment insurance dropped by 13,000 to a seasonally adjusted 623,000 in the week ended May 23, falling for a second straight week.
However, the number of people staying on benefit rolls after drawing an initial week of aid increased 110,000 to a higher-than-forecast 6.79 million in the week ended May 16.
On a possibly brighter note, the same story reports that April durable goods orders were up slightly.
I say “possibly” because these preliminary figures, including the unemployment figures, are often revised a month later–usually in the wrong direction. Follow the link to see what happened to the March durable goods estimate.