Key Takeaways

• Claims beat forecasts: Initial jobless claims rose to 225,000 for the week ending May 30, above the 213,000 expected.
• Prior week revised down: The previous week’s reading was revised to 212,000 from the initially reported 215,000.
• 4-week moving average rises: The rolling average climbed 6,500 to 214,750 signaling a modest upward trend in filings.
• Continuing claims drop: Continuing jobless claims fell 8,000 to 1.777 million for the week ending May 23, suggesting those already unemployed are finding work.
• Nonfarm payrolls Friday: The weekly claims data sets a cautious tone ahead of the May jobs report the Fed’s key policy input.

The number of U.S. citizens submitting new applications for unemployment insurance increased to 225,000 for the week ending May 30, according to a report released Thursday by the U.S. Department of Labour. The latest print came in above initial estimates of 213,000 and was higher than the previous week’s revised reading of 212,000 (revised from 215,000).

The 4-week moving average went up by 6,500, bringing it to 214,750 from the prior week’s revised average of 208,250.

Also continuing jobless claims dropped by 8,000 to 1.777 million for the week ending May 23.