Weekly Jobless Claims Rise Slightly More Than Expected: What You Need To Know

The number of Americans registering for unemployment benefits rose by 13,000 to 242,000 in the week ending April 29, the U.S. Labor Department reported Thursday. The outcome was slightly above market estimates of 240,000.

The release of the jobless claims data came a day after the ADP national employment report showed private sector employment increasing by 296,000 jobs in April, far exceeding market expectations of a 148,000 increase and signaling continued tightness in the labor market ahead of the key non-farm payroll data due on Friday.  

What To Know:

• Initial jobless claims rose by 13,000 to 242,000 in the week ended April 29.
• The figure came in slightly higher than the projected 240,000.
• The previous week's level was revised down by 1,000 from 230,000 to 229,000.
• Initial claims rose by 27,457 to 234,577 on a seasonally unadjusted basis.
• The four-week moving average for unemployment claims, which eliminates week-to-week variability, rose to 239,250, up 3,500 from the prior reading.
• Continuing jobless claims decreased to 1,805,000 in the week ending April 22.

Market Reaction

E-mini futures contracts for the S&P 500 index, which is tracked by the SPDR S&P 500 Trust ETF SPY, edged marginally higher following the print. 

The U.S. dollar index extended its daily gains after the ECB hiked interest rates by 0.25% to 3.75%, reducing the pace of hikes after three consecutive 0.5% increases. 

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