U.S. Weekly Jobless Claims Rise 2,000 To 244,000
Editor's Note: Updating earlier story with more details from report.
(Kitco News) - U.S. initial weekly jobless claims rose by 2,000 to a seasonally adjusted 244,000 in the week to Saturday, the Labor Department said. The total was slightly higher than forecast.
Consensus expectations compiled by various news organizations called for initial claims to be around 241,000 to 243,000. The government revised the prior weekâ€™s tally to 242,000 claims from the previously reported 241,000.
Meanwhile, the four-week moving average for new claims â€“ often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility â€“ was down by 2,750 claims to 242,250.
Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 6,000 to a seasonally adjusted 1,948,000 during the week ending June 17, the government said. The four-week moving average rose by 7,250 to 1,938,750.
Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.