US: Weekly Initial Jobless Claims remain at 262K vs. 249K expected

US Initial Jobless Claims remain at 262K, the highest level since October 2021.
US Continuing Claims rise more than expected the week ended June 3.
US Dollar weakens after US economic data.

Matías Salord FXStreet

Initial Jobless claims totaled 262,000 in the week ending June 10, the weekly data published by the US Department of Labor (DOL) showed on Thursday. The print follows the previous week's 261,000 (revised to 262,000) and came in above market expectations of 249,000. It matches the highest reading since October 2021.

“The 4-week moving average was 246,750, an increase of 9,250 from the previous week's revised average. This is the highest level for this average since November 20, 2021 when it was 249,250.”

Continuing Claims advanced by 20,000 in the week ended June 3 to 1.775 million above market estimates of 1.765 million. It is the lowest reading since February. The 4-week moving average was 1.784 million a decrease of 12K from the previous week's average.

Market reaction:

The US Dollar pulled back after the release of US economic reports that also included Retail Sales and the Philly Fed. The DXY dropped to fresh daily lows below 102.90 and US Treasury yields fell further.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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