US Initial Jobless Claims Drop By 2,000

The number of Americans filing first-time unemployment claims last week fell by 2,000 to 229,000, the US Labor Department announced on Thursday.

The market expectation for initial jobless claims was to come in at 227,000.

The previous week's level was revised up by 2,000 from 229,000 to 231,000.

The four-week moving average was 223,500, an increase of 4,500 from the previous week's revised average.

The US economy generated 390,000 jobs in May, while the unemployment rate remained unchanged from the previous month at 3.6%, according to the latest figures. -