U.S. initial claims rose 10k in the week of May 16th to 274k, which was more than expected and the highest level in a month. And, of course, this covers the survey week for payrolls. However, the week-to-week moves should always be taken with a nugget of sodium chloride, and we should note that the 4-week moving average, the 2nd lowest level since Dec 1973. That still signals labour market strength. – says BMO Capital MarketsAnd continuing claims, which measure the number of Americans who remain on UI, fell for the 4th straight week, down 12k in the week of May 9th to 2,211, the lowest since Nov 2000.
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