Initial Jobless Claims Grow 7,000 to 282,000 in Week Ended May 23

WASHINGTON — Initial claims for U.S. state unemployment benefits rose more than expected in the May 23 week, up 7,000 to 282,000, the Labor Department reported Thursday.

Expectations for this week's report were for a claims level of 270,000, which would have been a decrease of 4,000 from the previously reported 274,000 level in the May 16 week. That level was revised up slightly to 275,000 with the current week's data.

The Labor Department said there were no special factors in the current week's report.

The initial claims seasonally adjusted 4-week moving average rose by 5,000 to 271,500 in the May 23 week after declines in the previous four weeks. Still, the 4-week moving average remains extremely low by historical standards.

The Labor Department said that seasonal adjustment factors had expected a 0.8% increase in unadjusted claims, or 1,924, in the May 23 week. Instead, unadjusted claims rose by 7,950, or 3.3%, to 251,435. That level is well below the 275,412 level reported in the comparable week a year ago.

The level of continuing claims rose by 11,000 to 2.222 million in the May 16 employment survey week, but was down 34,000 from the level in the April 18 employment survey week. The unadjusted level fell 3,047 to 2,075,317, well below the 2,455,022 level in the comparable week a year ago.

The seasonally adjusted insured unemployment rebounded to 1.7% in the May 16 week from 1.6% in the May 9 week. The rate was 2.0% in the comparable week a year earlier.

The unemployment rate among the insured labor force is well below that reported monthly by the Labor Department because claims are approved for the most part only for job losers, not the job leavers and labor force reentrants included in the monthly report.

Market News International is a real-time global news service for fixed-income and foreign exchange market professionals. See www.marketnews.com.

Market News International is a real-time global news service for fixed-income and foreign exchange market professionals. See www.marketnews.com.
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