US: Weekly Initial Jobless Claims rise to 232K vs. 235K expected


  • Initial Jobless Claims in the US rose by 2,000 in the week ending May 27.
  • Continuing Jobless Claims increased by 6,000 in the week ending May 20.
  • US Dollar Index rebounds after ADP, losses momentum after Unit Labor Costs report. 

Initial Jobless claims totaled 232,000 in the week ending May 27, the weekly data published by the US Department of Labor (DOL) showed on Thursday. The print follows the previous week's 230,000 and came in below market expectations of 235,000. It is the highest reading in four weeks. “The 4-week moving average was 229,500, a decrease of 2,500 from the previous week's revised average”, the DOL added in its press release. 

“The advance seasonally adjusted insured unemployment rate was 1.2 percent for the week ending May 20, unchanged from the previous week’s unrevised rate”.  Continuing Claims advanced by 6,000 in the week ended May 20 to 1.795 million, below the 1.8 million of market consensus. 

Market reaction:

The US Dollar gained momentum following the release of the latest employment data. The ADP report exceeded expectations, revealing an increase in private payrolls by 278,000 in May. The next crucial jobs report is the Nonfarm payrolls due on Friday. The DXY is at 104.10, modestly lower for the day. 

 

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