6/3, 2:31 PM (Source: TeleTrader)
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Initial jobless claims in US down 20,000 to 385,000

Initial jobless claims in the United States for the week ending May 28 stood at 385,000, beating analyst's expectations, the US Labor Department unveiled on Thursday. This marks a 20,000 decrease in claims when compared to the previous week's adjusted level of 405,000.

Meanwhile, the 4-week moving average dropped 30,500 from the previous week's revised average to 428,000, making it the lowest moving average in more than a year.

The advance seasonally adjusted insured unemployment rate was 2.7 percent for the week ending May 22, an increase of 0.1 percentage point from the previous week's unrevised rate. At the same time, the advance number for the seasonally adjusted insured unemployment climbed 169,000 to 3,771,000 compared to the previous week's revised level.

Breaking the News / OL