US: Weekly Initial Jobless Claims jump to 261K, highest level since October 2021
|- Initial Jobless Claims in the US rose by 28,000 in the week ending June 3, to the highest level since October 2021.
- Continuing Jobless Claims decreased by 37,000 in the week ending May 27, to the lowest since February.
- US Dollar Index drops to fresh daily lows after report.
Initial Jobless claims totaled 261,000 in the week ending June 3, the weekly data published by the US Department of Labor (DOL) showed on Thursday. The print follows the previous week's 233,000 and came in above market expectations of 235,000. It is the highest reading since October 2021.
“The 4-week moving average was 237,250, an increase of 7,500 from the previous week's revised average. The previous week's average was revised up by 250 from 229,500 to 229,750”, the DOL added in its press release.
Continuing Claims declined by 37,000 in the week ended May 27 to 1.757 million below market estimates of 1.8 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 Index extended its losses after the report, falling to fresh daily lows below 103.70. The EUR/USD rose towards 1.0750, and the USD/JPY dropped further below 139.50.
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