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An increase in US jobless claims for the second week

2018-05-24 01:42 pm | Resource: NEWS | No Views : 155

The Department of Labor released a report on Thursday showing a weekly increase for the second consecutive week, in claims for the first time to receive unemployment benefits in the United States,

Initial jobless claims rose to 234,000 during the week ending May 19, up 11,000 from last week's 223,000, the Labor Department said.

The surge came as a surprise to economists, who expected jobless claims to fall to 220,000 from 222,000 in the previous week.

The moving average for less than four weeks rose to 219,750, an increase of 6250 compared to the previous week's average of 213,500.

The four-week moving average rebounded from its lowest level since December 1969 the previous week, and the Ministry of Labor noted that action in Puerto Rico and in the Virgin Islands has not yet returned to normal.

Continuous claims, a reading of the number of people receiving ongoing unemployment assistance, also rose by 29,000 to 1.741 million in the week ending May 12, the report said.

Meanwhile, the four-week moving average for ongoing claims fell to a 44-year low of 1,751,750, down 23,250 from the previous week's 1,775,000.

On Friday, the Labor Department is due to release its monthly report on the most closely watched work for May.

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