While the Labor Department released a report on Thursday showing a bigger than expected increase in initial jobless claims in the week ended May 16th, the four-week moving average of claims still fell to a new fifteen-year low.
The report said initial jobless claims climbed to 274,000, an increase of 10,000 from the previous week’s unrevised level of 264,000. Economists had expected jobless claims to show a more modest increase to about 270,000.
Nonetheless, the Labor Department said the less volatile four-week moving average fell to 266,250, a decrease of 5,500 from the previous week’s unrevised average of 271,750.
With the modest decrease, the four-week moving average dropped to its lowest level since hitting 266,250 in April of 2000.
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