Investing.com - The number of people who filed for unemployment assistance in the U.S. last week fell more than expected, remaining in territory consistent with a strengthening labor market, official data showed on Thursday.
The report did little to alter the outlook for monetary policy, with the majority of traders expecting a rate hike at the Fed’s next meeting in June.
The number of individuals filing for initial jobless benefits in the week ending May 26 decreased by 13,000 to a seasonally adjusted 221,000 from the previous week’s total of 234,000, the U.S. Department of Labor said.
Analysts expected jobless claims to stay at 234,000 last week.
The four-week moving average was 222,250, up 2,500 from the previous week. The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.
Continuing jobless claims in the week ended May 19 fell to 1.726 million from 1.742 million in the preceding week, compared to expectations for an increase to 1.749 million.