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Financial News: U.S. Weekly Jobless Claims Unexpectedly Inch Up To

U.S. Weekly Jobless Claims Unexpectedly Inch Up To 248,000

07/06/2017 - 09:16:00 (RTTNews)

(RTTNews) - A day before the release of the closely watched monthly jobs report, the Labor Department released a report on Thursday showing an uptick in first-time claims for U.S. unemployment benefits in the week ended July 1st.

The report said initial jobless claims edged up to 248,000, an increase of 4,000 from the previous week's unrevised level of 244,000. Economists had expected jobless claims to dip to 243,000.

The Labor Department said the less volatile four-week moving average also crept up to 243,000, an increase of 750 from the previous week's unrevised average of 242,250.

Continuing claims, a reading on the number of people receiving ongoing unemployment assistance, rose by 11,000 to 1.956 million in the week ended June 24th.

The four-week moving average of continuing claims also climbed to 1,944,750, an increase of 6,750 from the previous week's revised average of 1,938,000.

On Friday, the Labor Department is scheduled to release its monthly jobs report, which includes both public and private sector jobs.

The report is expected to show an increase of 179,000 jobs in June, while the unemployment report is expected to hold at 4.3 percent.

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