Data Hints Hiring Slowdown May Be Short-Lived WASHINGTON (Reuters) - The number of Americans lining up for new jobless benefits fell last week for the first time since April, providing a hint that a slowdown in hiring last month may only be temporary. The data on state unemployment claims, released by the Labor Department on Thursday, takes some of the edge off a report by the government last week that showed job creation slowed sharply in May. Many economists say they believe that mild weather in the winter led employers to hire more workers then at the expense of spring, but that the weather effect should be short-lived. Some economists suggested the claims data backed that view. The report "gives us more confidence that the trend in payrolls is stronger than the May payroll data implied," the Swiss bank UBS said in a note to its clients. Four consecutive months of slowing job creation had fueled speculation that the Federal Reserve Board would ramp up efforts to prop up the American economy. But in Congressional testimony on Thursday, the Federal Reserve's chairman, Ben S. Bernanke, gave little indication that further monetary stimulus was imminent, even though he said the central bank was ready to shield the economy if financial troubles began to mount. The Labor Department said initial claims for state unemployment benefits dropped by 12,000 to a seasonally adjusted 377,000 last week, matching the median forecast of economists polled by Reuters. "If the economy were really swooning because of events in Europe, it should be accompanied by a backup in jobless claims," said Carl Riccadonna, an economist at Deutsche Bank. Before last week, claims had risen for four consecutive weeks, adding to concerns about several months of lackluster hiring data. While the United States emerged from a deep recession three years ago, the jobless rate has remained stubbornly high. In May, it edged up to 8.2 percent. Still, most of the recent increases in new jobless claims were marginal, and the overall level of new aid applications has held at levels consistent with a modest labor market recovery. Last week's decline in jobless claims was the first drop since the week that ended April 28. The four-week moving average for new claims, a measure of labor market trends, increased by 1,750 last week to 377,750. A report from the Fed showed American families continued to shed debt in the first quarter. Efforts by households to dig out of a big debt pile have been a persistent headwind for the economy. Total household debt dropped for the 16th straight quarter, declining at a 0.4 percent annual rate. Mortgage debt, which is the biggest component of consumer debt, fell at a 2.9 percent annual rate, while consumer credit rose by 5.8 percent during the quarter. A separate Fed report pointed to some shakiness in borrowing, with consumer credit expanding in April by the least in six months. The Fed said household wealth increased by $2.8 trillion during the period, largely because of higher prices in the stock market.