Economic news
16.05.2024

U.S. weekly jobless claims total 222,000

The data from the Labour Department revealed on Thursday the number of applications for unemployment decreased less than anticipated last week. 

According to the report, the initial claims for unemployment benefits declined by 10,000 to 222,000 for the week ended May 11. This was the first drop in first-time unemployment claims in three weeks. 

Economists had predicted 220,000 new claims last week.

Claims for the prior week were revised upwardly to 232,000 from the original estimate of 231,000.

Meanwhile, the four-week moving average of jobless claims increased to 217,750 compared to an upwardly revised 215,250 (from 215,000) in the previous week. This represented the highest count since the week ended November 18, 2023 (218,250). 

As for continuing claims, they rose to 1,794,000 compared to a downwardly revised 1,781,000 (from 1,785,000) in the previous week. This marked the highest reading in four weeks. Economists had forecast continuing jobless claims of 1,780,000.

See also