US initial jobless claims fall unexpectedly

 The number of Americans initially applying for unemployment aid fell last week, better than market expectation, sending a signal that the U.S. job market remains stable.

In the week ending June 4, the advance figure for seasonally adjusted initial claims for jobless benefits fell to 264,000, a decrease of 4,000 from the revised level of the previous week, the U.S. Labor Department said Thursday.

The data is better than the market expectation of 270,000, as the U.S. economy only added 38,000 jobs in May, the weakest performance since September 2010.

This marks 66 consecutive weeks of initial claims below 300,000, a benchmark for real job growth or loss in the economy, the longest streak since 1973, said the Labor Department.

Meanwhile, the four-week moving average, which helps smooth out week-to-week volatility, decreased by 7,500 to 269,500 last week. The advance figure for seasonally adjusted insured unemployment during the week ending May 28 fell 77,000 from the previous week to 2,095,000, the lowest level since October 2000. 

source : xinhua