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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 227,000

06/28/2018 - 09:11:00 (RTTNews)

(RTTNews) - After reporting decreases in first-time claims for U.S. unemployment benefits for four consecutive weeks, the Labor Department released a report on Thursday showing initial jobless claims rebounded by more than expected in the week ended June 23rd.

The report said initial jobless claims rose to 227,000, an increase of 9,000 from the previous week's unrevised level of 218,000. Economists had expected jobless claims to inch up to 220,000.

The Labor Department said the less volatile four-week moving average also edged up to 222,000 from the previous week's unrevised average of 221,000.

Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, fell by 21,000 to 1.705 million in the week ended June 16th.

The four-week moving average of continuing claims also dropped to a more than 44-year low of 1,719,500, a decrease of 3,750 from the previous week's revised average of 1,723,250.

Next Friday, the Labor Department is scheduled to release its more closely watched report on employment in the month of June.

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