US initial jobless claims rose more than expected last week

FXStreet (Mumbai) – The US labor department data released on Thursday showed the first time applications for unemployment benefits rose to 282K in the week ended May 23, beating the estimate of 270K in the last week.

The number stayed below 300K for the 12th straight week, which signals the labor market remains firm despite the recent slowdown in the economy. The prior week’s reading was revised higher to 275K from the initially reported 274K.

The four-week average of claims, which provides a more accurate picture of the labor market strength, rose to 271,500 from a 15-year low of 266,500 the prior week.

Meanwhile, the continuing claims increased by 11,000 to 2.22 million in the week ended May 16.

The US labor department data released on Thursday showed the first time applications for unemployment benefits rose to 282K in the week ended May 23, beating the estimate of 270K in the last week.

(Market News Provided by FXstreet)