US initial jobless benefits unexpectedly fall

US initial jobless benefits unexpectedly fall

U.S. initial jobless claims unexpectedly fell last week, while continuing claims dropped to the lowest level in 28-1/2-years.

First-time Americans filing applications for jobless benefits edged down by 4,000 to 232,000 in the week ended May 13, the Labor Department report showed Thursday. Analysts had predicted a rise to 240,000.

The less volatile four-week moving average retreated to 240,700 last week from 243,500 a week earlier.

Continuing claims decreased by 22,000 to 1.90 million in the week ended May 6, marking the lowest figure since November 1988.  

Another report released today showed Philadelphia Fed manufacturing index soared to 38.8 in May from 22.0 in April.

As of 13:12 GMT, the dollar index pared some of its earlier losses, as it traded at 97.60 after falling to a low of 97.27.

Ahmed Mamdouh

Ahmed Mamdouh, Co-Founder and Head of English Fundamental Analysis at FXComment.com, with 7 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.

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