US jobless claims fall but miss estimates

Date: Thursday 28 Jun 2012

US weekly jobless claims fell by 6,000 to 386,000 last week according to the latest data from the US Labor Department, just short of market consensus estimates of 385,000.

The previous week's reading was revised higher to 392,000 from 387,000. Meanwhile, the four-week moving average fell by only 750 to 386,750 people from the previous week's revised reading of 387,500.

The insured unemployment rate remained at 2.6%.

Continuous unemployment claims, which includes those claims not filed for the first time, fell by 15,000 to 3,296,000. The market was expecting a reading of 3,280,000. The previous week's reading was revised higher to 3,311,000 from 3,299,000.

The four-week moving average for continuous claims rose by 9,250 to 3,306,000 from the previous week's revised reading of 3,296,750.

The data shows a struggling labour market, according to analysts at Digital Look. "Initial claims were above estimates and edging higher when considering the upwards revision of the previous week. Although continuous claims fell on a weekly basis, the moving average edged higher."

FM

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