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Financial News: U.S. Jobless Claims Edge Down Less Than Expected

U.S. Jobless Claims Edge Down Less Than Expected To 229,000

06/16/2022 - 09:32:00 (RTTNews)

(RTTNews) - The Labor Department released a report on Thursday showing a modest decrease in first-time claims for U.S. unemployment benefits in the week ended June 11th.

The report showed initial jobless claims edged down to 229,000, a decrease of 3,000 from the previous week's revised level of 232,000.

Economists had expected jobless claims to dip to 220,000 from the 229,000 originally reported for the previous week.

The upwardly revised figure for the previous week reflected the most initial jobless claims since the week ended January 15th.

Meanwhile, the Labor Department said the less volatile four-week moving average crept up to 218,500, an increase of 2,750 from the previous week's revised average of 215,750.

The report also showed continuing claims, a reading on the number of people receiving ongoing unemployment benefits, inched up by 3,000 to 1.312 million in the week ended June 4th.

The four-week moving average of continuing claims still edged down by 750 to 1,317,500, hitting the lowest level since January 10, 1970

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