Initial claims rise unexpectedly as filings hit highest level since February

(Sharecast News) - Americans lined up for unemployment benefits at an accelerated clip in the week ended 6 June, according to the Department of Labor, hitting the highest initial claim count since February.

Initial jobless claims rose by by 4,000 to 229,000, firmly ahead of market expectations of a decrease to 219,000.

Elsewhere, continuing claims slipped by 24,000 to 1.79m, while the four-week moving average, which aims to strip out week-to-week volatility, increased by 4,750 to 1.78m.

The advance seasonally adjusted insured unemployment rate was unchanged at 1.2%.



Reporting by Iain Gilbert at Sharecast.com