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

U.S. Jobless Claims Rise More Than Expected To 229,000

06/06/2024 - 09:42:00 (RTTNews)

(RTTNews) - A day ahead of the release of the more closely watched monthly jobs report, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits rose by more than expected in the week ended June 1st.

The Labor Department said initial jobless claims climbed to 229,000, an increase of 8,000 from the previous week's revised level of 221,000.

Economists had expected jobless claims to inch up to 220,000 from the 219,000 originally reported for the previous week.

Meanwhile, the report said the less volatile four-week moving average edged down to 222,250, a decrease of 750 from the previous week's revised average of 223,000.

The Labor Department said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, crept up by 2,000 to 1.792 million in the week ended May 25th.

The four-week moving average of continuing claims also rose to 1,788,750, an increase of 2,750 from the previous week's revised average of 1,786,000.

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

Economists expect the report to show employment increased by 185,000 jobs in May after climbing by 175,000 jobs in April, while the unemployment rate is expected to remain at 3.9 percent.

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