FXStreet (Mumbai) – The US labor department data released on Thursday showed the first time applications for unemployment benefits last week stayed below 300K for the 14th consecutive week, indicating the resilience in the labor market.
The initial jobless claims increased by 2,000 to 279K in the week ended June 5. The actual figure was slightly higher than the consensus estimate of 277K. The four-week average of claims, which provides a more accurate picture of the labor market strength, climbed to 278,750 last week, from 275,000.
Meanwhile, the continuing claims rose by 61,000 to 2.27 million in the week ended May 30. The sustained strength in the labor market is likely to translate into higher consumption, as indicated by the rise in the retail sales released today.
(Market News Provided by FXstreet)