"We should always take this summer period for claims with a grain of salt," said Jennifer Lee, an economist at BMO Capital Markets. "From a long-term perspective, we're still looking at claims bobbing around at the lowest level in ages."
Applications for U.S. unemployment aid plummet to 42-year low →
She said several economic reports next week including consumer spending, the trade deficit and auto sales for May should provide important clues on the economy's momentum.
U.S. economy shrank in winter but staging a spring rebound →
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