US: Weekly Initial Jobless Claims jump to 264K, highest level since October 2021
|- Initial Jobless Claims in the US advanced by 22,000 in the week ending May 6.
- Continuing Jobless Claims increased by 12,000 in the week ending April 29.
- US Dollar Index drops after economic reports (Jobless Claims and PPI).
Initial Jobless claims totaled 264,000 in the week ending May 6, the weekly data published by the US Department of Labor (DOL) showed on Thursday. The print follows the previous week’s unrevised 242,000 and came in above market expectations of 245,000. The reading was the highest since October 2021.
“The 4-week moving average was 245,250, an increase of 6,000 from the previous week's unrevised average of 239,250. This is the highest level for this average since November 20, 2021 when it was 249,250.”
Continuing Claims increased by 12,000 in the week ended April 29 to 1.813 million, below the 1.82 million of market consensus. It is the lowest level in three weeks.
“The previous week's level was revised down by 4,000 from 1,805,000 to 1,801,000. The 4-week moving average was 1,829,500, an increase of 2,250 from the previous week's revised average. The previous week's average was revised down by 1,000 from 1,828,250 to 1,827,250.”
Market reaction
The US Dollar dropped across the board following the April Producer Price Index and Jobless Claims reports. The DXY is still up for the day, but off highs hovering around 101.70.
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