U.S. jobless-benefit claims inched up last week, while still hovering near levels that reflect a strong labor market, Labor Department data showed Thursday.
Highlights of Jobless Claims (Week Ended May 20)
• Initial benefit filings increased by 1k to 234k (forecast was 238k)
• Continuing claims rose by 24k to 1.923 mln in week ended May 13 (data reported with one-week lag)
• Four-week average of initial claims, a less-volatile measure than the weekly figure, decreased to 235,250 from 241,000 in the prior week.
Key Takeaways
Even with the uptick in jobless claims, the average over the past month is at its lowest level since 1973. Despite lackluster economic growth in the first three months of the year, employers remain optimistic and are choosing to retain rather than fire staff. That indicates the labor market remains solid and will contribute to economic growth that’s widely expected to accelerate in the second quarter.
Other Details
• Previous week’s initial claims revised to 233,000 from 232,000
• Unemployment rate among people eligible for benefits unchanged at 1.4 percent
• Louisiana and North Dakota had estimated claims last week
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Dean Popplewell
He has a deep understanding of market fundamentals and the impact of global events on capital markets.
He is respected among professional traders for his skilled analysis and career history as global head
of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean
has played an instrumental role in driving awareness of the forex market as an emerging asset class
for retail investors, as well as providing expert counsel to a number of internal teams on how to best
serve clients and industry stakeholders.
Latest posts by Dean Popplewell (see all)
- Euro zone bond yields sink as German manufacturing slows - 24 July 2019
- How Boris Johnson Plans to Deliver Brexit in 100 Days - 24 July 2019
- Weak PMI’s Sink EUR - 24 July 2019