Non-manufacturing sector expands, jobless claims fall

(May 3, 2012) -- "Today’s report indicated that economic activity in non-manufacturing industries continued to expand during April, although at a slightly slower pace than in March," said Cornelson. "In terms of the details of the report, the decline in the employment index is somewhat discouraging; however, as this component saw one of its stronger quarterly readings ever in the first quarter of 2012. That's possibly supported by unusually warm winter weather, and some easing in employment was to be expected."