Data from the Department of Labor on Thursday showed new first-time jobless claims fell by 22,000 to a seasonally adjusted level of 242,000 in the week ending May 13, as the number of applications would reach 254,000.
Claims also fell from a year-and-a-half high of 264,000 the previous week.
Meanwhile, the four-week moving average, which is meant to account for volatility in the weekly number, fell slightly to 244,250 orders.
Analysts said claims remaining in the 270,000 to 300,000 range could be a sign of labor market weakness, something the U.S. Federal Reserve has been pursuing in its recent campaign to raise interest rates aimed at curbing the economy. ‘inflation.
The Fed raised borrowing costs by 25 basis points at the last monetary policy meeting, but the US central bank is still expected to stabilize interest rates at its next meeting in June.
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