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Jobless claims average up 2,750 but initial claims remain near lowest level since 1969

June 07, 2018

The US four-week moving average of initial claims for unemployment insurance rose to 225,500 last week, up 2,750 from the previous week’s average, the US Department of Labor reported. The previous week’s average was revised upward by 500.

The four-week moving average decreases the volatility of the weekly numbers. Total initial claims for unemployment insurance for the week ended June 2 fell to 222,000, down 1,000 from the previous week’s level, which was revised upward by 2,000.

Claims-taking procedures in Puerto Rico and in the Virgin Islands still have not returned to normal.

The weekly claims figures have been gradually declining over the past year and remain near the lowest level since 1969, Bloomberg reported. Employers are facing shortages of workers, prompting them to retain people for longer, pay more and offer various non-wage benefits. And according to Reuters, the robust labor market and firming inflation have cemented expectations the Federal Reserve will raise interest rates next week.