After reporting a rebound by first-time claims for U.S. unemployment benefits in the previous week, the Labor Department released a report on Thursday showing initial jobless claims saw further upside in the week ended January 18th.
The Labor Department said initial jobless claims rose to 223,000, an increase of 6,000 from the previous week’s unrevised level of 217,000. Economists had expected jobless claims to inch up to 220,000.
With the increase, jobless claims continued to regain ground after hitting a nearly eleven-month low in the week ended January 4th.
The report said the less volatile four-week moving average also crept up to 213,500, an increase of 750 from the previous week’s unrevised average of 212,750.
At 11 am, the Treasury Department is scheduled to announce the details of this month’s auctions of two-year, five-year and seven-year notes.
The Energy Information Administration is due to release its report on crude oil inventories in the week ended January 17th at 12 pm ET. Crude oil inventories are expected to decrease by 2.1 million barrels after falling by 2.0 million barrels in the previous week.