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U.S. initial jobless claims rise by 10,000 to 354,000 last week

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Investing.com - The number of people who filed for unemployment assistance in the U.S. rose more-than-expected last week, fuelling concerns over the U.S. jobs market, 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 25 rose by 10,000 to a seasonally adjusted 354,000, compared to expectations for a decline of 4,000 to 340,000.

Jobless claims for the preceding week were revised up to 344,000 from a previously reported increase of 340,000.

Continuing jobless claims in the week ended May 18 rose to 2.986 million. Analysts had expected continuing claims to rise to 2.950 million from last week's revised figure of 2.923 million.

The four-week moving average was 347,250, an increase of 6,750 from the previous week's revised average of 340,500.

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 0.26% to trade at 1.2984.

Meanwhile, U.S. stock index futures held on to gains. The Dow Jones Industrial Average futures pointed to a rise of 0.25% at the open, S&P 500 futures indicated a gain of 0.35%, while the Nasdaq 100 futures signaled a 0.2% advance.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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