BUSINESS US jobless claims rise last week

BUSINESS

US jobless claims rise last week

Xinhua

12:59, June 28, 2019

WASHINGTON, June 27 (Xinhua) -- The number of initial jobless claims in the United States rose last week, according to a report released by the US Labor Department on Thursday.

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(Photo: VCG)

In the week ending June 22, the number of people filing for US unemployment benefits increased by 10,000 to 227,000. Meanwhile, the previous week's level was revised up by 1,000 to 217,000.

The four-week moving average of initial claims, a measure which irons out data volatility, increased by 2,250 to 221,250, while the previous week's number was revised up by 250 to 219,000.

As an important leading indicator of the US unemployment status, a lower reading in jobless claims reflects lower overall layoffs. The latest number remained below the 300,000 threshold, signaling a tight labor market in the United States.

For the bigger picture of US labor market, American employers added a lower-than-expected 75,000 jobs in May, and the unemployment rate remained at 3.6 percent, the lowest level since December 1969, the US Bureau of Labor Statistics reported on June 7.

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