First-time claims for U.S. unemployment benefits rose by more than expected in the week ended May 24th, according to a report released by the Labor Department on Thursday.
The report said initial jobless claims climbed to 240,000, an increase of 14,000 from the previous week’s revised level of 226,000. Economists had expected jobless claims to inch up to 230,000 from the 227,000 originally reported for the previous week.
Meanwhile, the Labor Department said the less volatile four-week moving average edged down to 230,750, a decrease of 250 from the previous week’s revised average of 231,000.
A separate report released by the Commerce Department on Thursday showed the U.S. economy shrank by slightly less than previously estimated in the first quarter of 2025.
The Commerce Department said real gross domestic product edged down by a revised 0.2 percent in the first quarter compared to the previously reported 0.3 percent dip. Economists had expected the modest decrease to be unrevised.
The slightly smaller than previously estimated decline reflected an upward revision to investment that was partly offset by a downward revision to consumer spending.
At 10 am ET, the National Association of Realtors is scheduled to release its report on pending home sales in the month of April. Pending home sales are expected to decrease by 1.1 percent in April after surging by 6.1 percent in March.
Chicago Federal Reserve President Austan Goolsbee is due to participate in a moderated question-and-answer session before the 2025 Mackinac Policy Conference at 10:40 am ET.
At 12 pm ET, the Energy Information Administration is scheduled to release its report on crude oil inventories in the week ended May 23rd.
The Treasury Department is due to announce the results of this month’s auction of $44 billion worth of seven-year notes at 1 pm ET.
At 2 pm ET, Federal Reserve Board Governor Adriana Kugler is scheduled to deliver opening remarks at the 5th Annual Federal Reserve Board Macro-Finance Workshop.
San Francisco Federal Reserve President Mary Daly is due to participate in a fireside chat before the Oakland Rotary Club at 4 pm ET.
At 8:25 pm ET, Dallas Federal Reserve President Lorie Logan is scheduled to deliver opening remarks and participate in a moderated conversation before a Greater Waco Member Appreciation event.