Forexpros – The number of people who filed for unemployment assistance in the U.S. last week rose by 10,000, increasing to the highest level in five weeks, official data showed on Thursday.
In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending May 26 rose by 10,000 to a seasonally adjusted 383,000, defying expectations for a decline of 3,000 to 370,000.
The previous week’s figure was revised up to 373,000 from a previously reported 370,000.
Jobless claims have remained below 400,000, a level historically associated with an improving labor market, in 29 of the past 31 weeks, though lately claims have been pushing higher from the 350,000 associated with above-average job growth.
Continuing jobless claims in the week ended May 19 fell to 3.242 million from an upwardly revised 3.278 million. Analysts had expected continuing claims to decline to 3.250 million.
The four-week moving average was 374,500, an increase of 3,750 from the previous week’s revised average of 370,750.
The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD adding 0.32% to trade at 1.2406.
Meanwhile, U.S. stock index futures trimmed gains after the release of the data. The Dow Jones Industrial Average futures pointed to an increase of 0.2%, S&P 500 futures indicated a gain of 0.15%, while the Nasdaq 100 futures signaled a 0.1% advance.
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