Initial jobless claims rise, long-term claims fall
The US Department of Labor released unemployment insurance claims data for the week ending May 20, which increased slightly from 4,000 the number of first-time requests rising to 229,000. Economists polled by Reuters had predicted the number at 245,000.
The data for the previous two weeks was heavily revised down as fraudulent Massachusetts claims were removed. In early May, the Massachusetts Unemployment Assistance Department sounded the alarm, saying it was “experiencing an increase in fraudulent claim activity” from people trying to access current unemployment insurance accounts. as well as individuals. use stolen personal data to fraudulently obtain unemployment benefits.
The strength of the US labor market has also resulted in a reduction of more than 48,000 ongoing unemployment insurance claims suggesting another month of strong employment gains and a lower unemployment rate. Data on employment growth for the month of May are due on Friday, June 2. The Federal Reserve will closely monitor incoming economic data as it assesses whether to implement interest rates will rise again or not at their next meeting on 13 and 14 June.
