Applications for US jobless aid fell to 3-month low of 232K

Applications for US jobless aid fell to 3-month low of 232K

The report said initial jobless claims edged down to 232,000, a decrease of 4,000 from the previous week's unrevised level of 236,000.

Benefit claims have been a particularly durable indicator of tightness in the labor market, with initial filings holding at lower than 300,000 for more than two years. The latest week's data covers the period used for the monthly employment survey for May, which will be released June 2.

Last week's claims data covered the survey week for May's nonfarm payrolls.

The total number of people seeking unemployment insurance also to fell to its lowest level in nearly 30 years, in line with the record low unemployment rate. The economy created 211,000 jobs in April after adding only 79,000 positions in March.

To get out ahead of possible inflation, the Federal Reserve has raised its benchmark interest rates twice since December and forecasts another two increases this year.

The economy grew by just 0.7 percent in the first three months of the year, but there are signs it will expand more quickly in the current quarter.

But a stock market sell-off, if sustained, amid uncertainty over Trump's political future could jeopardize further rate increases.

The U.S. dollar was flat against a basket of currencies on Thursday, while prices for longer-maturity U.S. Treasuries were modestly higher.

Additionally, the report said continuing claims dropped by 22,000 to 1.898 million in the week ended May 6th.

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