Weekly Unemployment Benefits Sharply Increase

It’s time once again for our weekly unemployment benefits update.

Applications for jobless benefits increase by 10,000 for the week ending May 25, bringing the total to 354,000, up from last week’s revised figure of 344,000, the Labor Department announced on Thursday.

The four-week moving average, a “less volatile” figure, rose by 6,750, bringing the total to 347,250, down from the previous average of 340,500.

“The advance seasonally adjusted insured unemployment rate was 2.3 percent for the week ending May 18, unchanged from the prior week's unrevised rate,” the report reads.

The advance number for seasonally adjusted insured unemployment during the week ending May 18 was 2,986,000, an increase of 63,000 from the preceding week's revised level of 2,923,000. The 4-week moving average was 2,986,500, a decrease of 11,500 from the preceding week's revised average of 2,998,000,” it adds.

The states with the largest increases in initial claims for the week ending May 18 were South Carolina (+1,263), Tennessee (+1,191), Missouri (+785), Michigan (+634), and Massachusetts (+610).

Meanwhile, California (-16,334), Georgia (-1,802), Illinois (-1,198), Kentucky (-902), and Ohio (-623) posted the biggest decreases in initial claims.

Markets are poised to open higher this morning:

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Featured image AP photos.