U.S. Weekly Jobless Claims Drop For Second Straight Week
May 26 2016 - 5:20AM
RTTF2
First-time claims for U.S. unemployment benefits decreased for
the second straight week in the week ended May 21st, according to a
report released by the Labor Department on Thursday.
The report said initial jobless claims fell to 268,000, a
decrease of 10,000 from the previous week's unrevised level of
278,000. Economists had expected claims to edge down to
275,000.
With the bigger than expected decrease, jobless claims pulled
back further off the fourteen-month high of 294,000 set in the week
ended May 7th.
Nonetheless, the Labor Department said the less volatile
four-week moving average rose to 278,500, an increase of 2,750 from
the previous week's unrevised average of 275,750.
The four-week moving average moved higher for the fourth
straight week, reaching its highest level since hitting 283,000 in
the week ended January 30th.
Continuing claims, a reading on the number of people receiving
ongoing unemployment assistance, also climbed by 10,000 to 2.163
million in the week ended May 14th.
The four-week moving average of continuing claims subsequently
advanced to 2,151,250, an increase of 8,500 from the previous
week's revised average of 2,142,750.
Next Friday, the Labor Department is scheduled to release a
separate report on the employment situation in the month of
May.
A report released earlier this month showed that non-farm
payroll employment rose by 160,000 jobs in April compared to
economist estimates for a jump of about 200,000 jobs.
Revised data also showed that employment in February and March
increased by 233,000 jobs and 208,000 jobs, respectively,
reflecting a net downward revision of 19,000 jobs.
The Labor Department also said the unemployment rate held at 5.0
percent in April, unchanged from the previous month. The rate had
been expected to edge down to 4.9 percent.
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