Financial News: U.S. Jobless Claims Unexpectedly Edge Down To 215,000

U.S. Jobless Claims Unexpectedly Edge Down To 215,000

(RTTNews) - First-time claims for U.S. unemployment benefits unexpectedly edged modestly lower in the week ended June 27th, according to a report released by the Labor Department on Thursday.

The report said initial jobless claims slipped to 215,000, a decrease of 1,000 from the previous week's revised level of 216,000.

Economists had expected jobless claims to rise to 220,000 from the 215,000 originally reported for the previous week.

The report said the less volatile four-week moving average also dipped to 222,000, a decrease of 2,500 from the previous week's revised average of 224,500.

Meanwhile, the Labor Department said continuing claims, a reading on the number of people receiving ongoing unemployment benefits, crept up by 2,000 to 1.814 million in the week ended June 20th.

The four-week moving average of continuing claims also rose to 1,803,000, an increase of 10,750 from the previous week's revised average of 1,792,250.

A more closely watched Labor Department report that was also released on Thursday showed employment in the U.S. increased by much less than expected in the month of June.

The report said non-farm payroll employment rose by 57,000 jobs in June after jumping by 129,000 jobs in May.

Economists had expected employment to climb by 114,000 jobs compared to the addition of 172,000 jobs originally reported for the previous month.

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