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US Initial Jobless Claims Rise in Week Ended May 9

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US initial jobless claims rose to a level of 211,000 in the week ended May 9 from a downwardly revised 199,000 level in the previous week, compared with expectations for a smaller increase to 205,000 in survey of analysts compiled by Bloomberg.

The four-week moving average rose by 750 to 203,750 after decreasing by 4,750 to a level of 203,000 in the previous week.

Insured jobless claims increased by 24,000 to 1,782,000 in the week ended May 2.

The weekly initial jobless claims data released by the US Labor Department measures filings for unemployment insurance benefits. Initial filings are reported through the previous Saturday, while those already on benefits are measured with a one-week lag.

A decrease in claims suggests a stronger labor market, a positive for the US economy and stocks, but a negative for bonds as it suggests wage growth that could lead to inflation.

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