US jobless claims rise above forecasts

US jobless claims rise above forecasts

U.S. jobless claims rose above forecasts last week, yet continuing claims dropped to the lowest level in 17 years to reflect the strength of the labor market.

First-time Americans filing applications for jobless benefits edged up by 10,000 to 244,000 in the week ended April 15, the Labor Department report showed Thursday. Analysts had predicted a retreat to 241,000.

The less volatile four-week moving average retreated to 243,000 last week from 247,250 a week earlier.

Continuing claims decreased by 49,000 to 1.98 million in the week ended April 8, marking the lowest figure since April 2000.

Another report released today showed that Philadelphia Fed manufacturing index scored 22.0 in April, down from 32.8 in March and below analysts’ forecasts of 25.6.

As of 13:16 GMT, the dollar index traded lower at 99.50, compared to the session’s open at 99.68.

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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