Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

Initial jobless claims dip to 222,000 last week, but still above estimates

Published 05/16/2024, 08:36 AM
Updated 05/16/2024, 08:53 AM
© Reuters.

Investing.com -- The number of Americans filing for first-time unemployment benefits was higher than anticipated last week, although the figure declined compared to the prior period.

Initial jobless claims in the U.S. fell to 222,000 in week ended on May 11, down from an upwardly revised total of 232,000 in the previous week. Economists had called for a reading of 219,000.

The four-week moving average, which attempts to account for volatility in the weekly gauge, was 217,750, an increase of 2,500. 

The numbers come as officials at the Federal Reserve attempt to assess the health of the U.S. jobs market. Signs of softening in labor demand could relieve some upward pressure on wages and, by extension, inflation, potentially bolstering the case for the Fed to cut interest rates down from more than two-decade highs.

Data earlier this month showed that the U.S. economy added the fewest number of jobs in six months in April, while the pace of annual wage growth dropped below 4% for the first time in almost three years. A separate release on Wednesday found that consumer prices increased by 3.4% last month, slowing compared to March and in line with expectations.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.