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Financial News: U.S. Weekly Jobless Claims Dip Less Than Expected

U.S. Weekly Jobless Claims Dip Less Than Expected To 228,000

05/09/2019 - 09:19:00 (RTTNews)

(RTTNews) - First-time claims for U.S. unemployment benefits pulled back by less than expected in the week ended May 4th, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims dipped to 228,000, a decrease of 2,000 from the previous week's unrevised level of 230,000. Economists had expected jobless claims to drop to 220,000.

Meanwhile, the Labor Department said the less volatile four-week moving average rose to 220,250, an increase of 7,750 from the previous week's unrevised average of 212,500.

Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, also climbed by 13,000 to 1.684 million in the week ended April 27th.

The four-week moving average of continuing claims still fell to 1,665,750, a decrease of 8,000 from the previous week's unrevised average of 1,673,750.

Last Friday, the Labor Department released a separate report showing employment jumped by much more than expected in the month of April, with the unemployment rate dropping to its lowest level in nearly fifty years.

The Labor Department said non-farm payroll employment surged up by 263,000 jobs in April following a downwardly revised increase of 189,000 jobs in March.

Economists had expected employment to climb by 185,000 jobs compared to the addition of 196,000 jobs originally reported for the previous month.

The report also said the unemployment rate fell to 3.6 percent in April from 3.8 percent in March, while economists had expected the rate to remain unchanged.

With the unexpected decrease, the unemployment rate slid to its lowest level since hitting 3.5 percent in December of 1969.

The drop in the unemployment rate was largely due to a significant contraction in the labor force, however, with the labor force shrinking by 490,000 people.

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