U.S. First-Time Unemployment Benefits Up More Than Expected

A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits rose by much more than expected in the week ended April 26th.

The Labor Department said initial jobless claims climbed to 241,000, an increase of 18,000 from the previous week’s revised level of 223,000.

Economists had expected jobless claims to inch up to 224,000 from the 222,000 originally reported for the previous week.

The report also said the less volatile four-week moving average rose to 226,000, an increase of 5,500 from the previous week’s revised average of 220,500.

At 10 am ET, the Institute for Supply Management is scheduled to release its report on manufacturing activity in the month of April. The ISM’s manufacturing PMI is expected to edge down to 48.0 in April after slipping to 49.0 in March, with a reading below 50 indicating contraction.

The Commerce Department is also due to release its report on construction spending in the month of March at 10 am ET. Construction spending is expected to rise by 0.2 percent in March after climbing by 0.7 percent in February.