ECONODAY: Initial jobless claims are down a sharp 16,000 in the May 14 week to 278,000 but the 4-week average is up sharply, 7,500 higher to 275,750. The May 14 week is the sample week for the May employment report and comparisons with the sample week of the April employment report point to easing strength in the labor market. Initial claims were at an historic low of 248,000 in the April 16 sample week (which is a very sizable 30,000 below the latest reading) with the 4-week average at 260,750 (which is 15,000 below)...
