The data from
the Labour Department revealed on
Thursday the number of applications for unemployment increased more than expected last week.
According to
the report, the initial claims for unemployment benefits rose by 3,000 to 219,000
for the week that ended May 25. This was the first gain in first-time unemployment
claims in three weeks.
Economists had forecast
218,000 new claims last week.
Claims for the prior week were revised upwardly to 216,000 from
the original estimate of 215,000.
Meanwhile, the
four-week moving average of jobless claims climbed to 222,500 compared to an upwardly revised 220,000 (from 219,750) in the
previous week. This represented the highest count since the week ended September 16, 2023 (224,750).
As for continuing claims, they increased to 1,791,000, compared to a downwardly revised 1,787,000 (from 1,794,000) in the previous week.
This marked the highest reading since early
April.