Investing.com - The number of people who filed for unemployment assistance in the U.S. last week rose more than expected, but remained 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 19 increased by 11,000 to a seasonally adjusted 234,000 from the previous week’s total of 223,000, the U.S. Department of Labor said.
Analysts expected jobless claims to fall by 3,000 to 220,000 last week.
The four-week moving average was 219,750, up 6,250 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 12 rose to 1.741 million from 1.712 million in the preceding week, compared to expectations for an increase to 1.754 million.