(RTTNews) - The Labor Department released a report on Thursday showing an unexpected increase by first-time claims for U.S. unemployment benefits in the week ended June 8th.
The report said initial jobless claims climbed to 242,000, an increase of 13,000 from the previous week's unrevised level of 229,000. Economists had expected jobless claims to edge down to 225,000.
With the unexpected increase, jobless claims reached their highest level since hitting 248,000 in the week ended August 12, 2023.
The Labor Department said the less volatile four-week moving average also rose to 227,000, an increase of 4,750 from the previous week's unrevised average of 222,250.
