First-time claims for U.S. unemployment benefits crept modestly higher in the week ended May 25th, according to a report released by the Labor Department on Thursday.
The report said initial jobless claims rose to 219,000, an increase of 3,000 from the previous week’s revised level of 216,000.
Economists had expected jobless claims to inch up to 218,000 from the 215,000 originally reported for the previous week.
The Labor Department said the less volatile four-week moving average also edged up to 222,500, an increase of 2,500 from the previous week’s revised average of 220,000.
Meanwhile, revised data released by the Commerce Department on Thursday showed U.S. economic growth slowed by more than previously estimated in the first quarter of 2024.
The Commerce Department said gross domestic product climbed by 1.3 percent in the first quarter compared to the previously reported 1.6 percent jump.
The downwardly revised increase, which was in line with economists, compares to the 3.4 percent surge in GDP in the fourth quarter of 2023.
The slower than previously estimates growth reflected downward revisions to consumer spending, private inventory investment and federal government 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 0.6 percent in April after surging by 3.4 percent in March.
The Energy Information Administration is due to release its report on oil inventories in the week ended May 24th at 11 am ET. Crude oil inventories are expected to fall by 1.9 million barrels after rising by 1.8 million barrels in the previous week.
At 12:05 pm ET, New York Federal Reserve President John Williams is scheduled to speak before a hybrid Signature Luncheon event hosted by the Economic Club of New York.
Dallas Federal Reserve Bank President Lorie Logan is due to speak before the Borderplex Alliance Distinguished Speaker Series at 5 pm ET.