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Jobless claims steady
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April 30, 1998: 9:14 a.m. ET
Slight climb indicates labor market remains tight but under control
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NEW YORK (CNNfn) - Unemployment lines lengthened for the second time in a row during the last week in April, the U.S. Department of Labor said Thursday, but the change was minimal and within expectations.
Initial jobless claims for the week rose slightly to 319,000 from a revised figure of 318,000 for the week ending April 25.
The four-week moving average, a more reliable indicator of the U.S. labor market, rose 2,250 to 309,250 from 307,000.
Continuing claims also climbed, rising to 2,167,000 from 2,160,000. Once again, the seasonally adjusted insured unemployment rate remained unchanged at 1.8 percent.
By state, the largest increases in Americans claiming unemployment compensation were found in the Northeast and South, with New Jersey leading the way with 4,326 first-time claims attributed to layoffs in various manufacturing industries.
The short-term jobless data took a back seat to more dramatic economic data also released Thursday that provided wary markets with new hope that gathering signs of inflation would correct themselves without help from a Federal Reserve-mandated interest rate increase.
The U.S. gross domestic product soared to a growth rate of 4.2 percent, far above forecasts, while the implicit price deflator dropped to its lowest level in 34 years.
The bond market reacted enthusiastically to the release, with the 30-year Treasury bond up 25/32 to yield 6.02 percent after soaring over a full point. 
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