US initial jobless claims drop by 5,000

(Sharecast News) - Americans lined up for unemployment benefits at a decelerated pace in the week ended 14 June, according to the Labor Department, in line with expectations. Initial jobless claims fell by 5,000 from the prior week's upwardly revised print to 245,000 but still marked the fifth highest reading since August 2023.

Continuing claims came to 1.94m, close to the more than three-year high of 1.95m in the final week of May, while the four-week moving average, which aims to strip out week-to-week volatility, increased by 4,750 to 245,500.

Elsewhere, the advance seasonally adjusted insured unemployment rate was 1.3% for the week ending 7 June, unchanged from the previous week's unrevised rate.





Reporting by Iain Gilbert at Sharecast.com