Jobless number hits record 6.35 million, but a big drop in initial claims

A mixed bag regarding the most recent job market data from the U.S. Labor Department, but all factors being equal, economists and business executives will take it.

Continuing claims rose 56,000 to a record 6.35 million, but initial jobless claims fell 34,000 to 601,000 for the week ended May 2 -- a trend that, if it persists, suggests layoffs may have peaked. The 601,000 figure also marked the lowest initial jobless claims level in three months.