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Financial News: U.S. Weekly Jobless Claims Unexpectedly Rise To 257,000

U.S. Weekly Jobless Claims Unexpectedly Rise To 257,000

04/27/2017 - 09:15:00 (RTTNews)

(RTTNews) - First-time claims for U.S. unemployment benefits unexpectedly increased in the week ended April 22nd, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims climbed to 257,000, an increase of 14,000 from the previous week's revised level of 243,000.

The increase surprised economists, who had expected jobless claims to edge down to 241,000 from the 244,000 originally reported for the previous week.

Meanwhile, the Labor Department said the less volatile four-week moving average slipped to 242,250, a decrease of 500 from the previous week's revised average of 242,750.

Continuing claims, a reading on the number of people receiving ongoing unemployment benefits, rose by 10,000 to 1.988 million in the week ended April 15th.

The four-week moving average of continuing claims still fell to 2,007,250, a decrease of 16,000 from the previous week's revised average of 2,023,250.

With the decline, the four-week moving average of continuing claims fell to its lowest level since hitting 2,006,000 in June of 2000.

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

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