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Financial News: U.S. Weekly Jobless Claims Rise More Than Expected

U.S. Weekly Jobless Claims Rise More Than Expected To 248,000

06/01/2017 - 09:16:00 (RTTNews)

(RTTNews) - First-time claims for U.S. unemployment benefits rose by more than expected in the week ended May 27th, the Labor Department revealed in a report on Thursday.

The report said initial jobless claims climbed to 248,000, an increase of 13,000 from the previous week's revised level of 235,000.

Economists had expected jobless claims to edge up to 239,000 from the 234,000 originally reported for the previous week.

The Labor Department said the less volatile four-week moving average also rose to 238,000, an increase of 2,500 from the previous week's revised average of 235,500.

Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, fell by 9,000 to 1.915 million in the week ended May 20th.

The four-week moving average of continuing claims also dropped to 1,914,500, a decrease of 16,000 from the previous week's revised average of 1,930,500.

With the decrease, the four-week moving average of continuing claims hit its lowest level since January of 1974.

Friday morning, the Labor Department is scheduled to release its more closely watched monthly employment report.

Employment is expected to increase by 185,000 jobs in May after jumping by 211,000 jobs in April. The unemployment rate is expected to hold at 4.4 percent.

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