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U.S. Weekly Jobless Claims Rise By 4,000 To 248,000

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(Kitco News) - Initial weekly U.S. jobless claims rose by 4,000 to a seasonally adjusted 248,000 in the week to Saturday, the Labor Department said. The total at the upper end of the range of expectations.

Consensus forecasts compiled by various news organizations called for initial claims to be around 244,000 to 248,000. The government left the prior week’s tally unrevised at 244,000.

Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it smoothens out week-to-week volatility – was up 750 claims to 243,000.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 11,000 to a seasonally adjusted 1,956,000 during the week ending June 24, the government said. The four-week moving average rose by 6,750 to 1,944,750.

Traders monitor jobs data closely to gauge how aggressively the U.S. Federal Open Market Committee alters monetary policy.

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