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U.S. Initial Jobless Claims Rise 11,000 To 234,000

Kitco News

Editor's Note: Updating earlier story with more details from report.

(Kitco News) - Initial weekly U.S. jobless claims topped consensus forecasts by rising 11,000 to a seasonally adjusted 234,000 in the week to Saturday, the Labor Department reported Thursday.

Consensus expectations compiled by various news organizations had called for initial claims to be around 219,000 to 220,000. The government revised the prior week’s tally to 223,000 from the previously reported 222,000.

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 by 6,250 claims to 219,750.

Continuing jobless claims, the number of people already receiving benefits and reported with a one-week delay, increased by 29,000 to a seasonally adjusted 1,741,000 during the week ending May 12, the government said. The four-week moving average fell by 23,250 to 1,751,750.

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