First-time claims for U.S. unemployment benefits rose by much more than expected in the week ended May 4th, according to a report released by the Labor Department on Thursday.
The report said initial jobless claims climbed to 231,000, an increase of 22,000 from the previous week’s revised level of 209,000.
Economists had expected jobless claims to inch up to 210,000 from the 208,000 originally reported for the previous week.
The Labor Department said the less volatile four-week moving average also crept up to 215,000, an increase of 4,750 from the previous week’s revised average of 210,250.
At 1 pm ET, the Treasury Department is scheduled to announce the results of this month’s auction of $25 billion worth of thirty-year bonds.