Weekly jobless claims fall 8,000 to 210,000
Continuing claims increase 31,000 to 1.346 million
Firstquarter GDP decline revised to 1.5 rate from 1.4
Corporate profits fall across the board in first quarter

WASHINGTON, May 26 Reuters The number of Americans filing new claims for unemployment benefits fell more than expected last week as the labor market remains tight amid strong demand for workers despite rising interest rates and tightening financial conditions.

But the outlook for the economy is uncertain, with other data on Thursday showing corporate profits falling across the board in the first quarter. Some economists believe the erosion of profits and falling share prices could force companies to pause hiring or start laying off workers.

Several retailers, including Walmart Inc, have lowered their fullyear earnings forecasts, citing high inflation. Snap, the parent of Snapchat issued a profit warning this week, sparking a selloff of social media stocks.

The biggest expense for most companies is labor always, said Christopher Rupkey, chief economist at FWDBONDS in New York. Highflying tech companies have seen their share prices plummet which will force management to tighten their belts.

Initial claims for state unemployment benefits decreased 8,000 to a seasonally adjusted 210,000 for the week ended May 21, the Labor Department said. The decline partially unwound some of the prior week39;s surge, which had pushed claims to their highest level since January….