16 June 2019

US Jobless Claims Rise

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Initial jobless claims in the US rose to 354k for the week ending May 25, above the consensus of 340k as well as the previous week’s claims of 344k (originally 340k). The Labor Department reported that there were no special factors and that “nothing had come in so far” concerning the potential impact caused by the tornadoes that occurred in Oklahoma last week. They also noted that Oregon, Hawaii, and Minnesota were estimated by the Labor Department, while Virginia and Wyoming provided their own estimates. The four-week moving average rose to 347k from 341k the prior week which is more important to watch. Continuing claims for the week ending May 18 rose to 2,986k from their post-recession low of 2,923k (revised up from 2,912k originally) the prior week, but the 4week moving average continued to fall and now stands at 2,987k (previous: 2,998k). The insured unemployment rate held steady at 2.3%.
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