US: Weekly Initial Jobless Claims decline to 385K vs. 395K expected

• Weekly Initial Jobless Claims in the US decreased by 20,000.
• US Dollar Index continues to push higher above 90.00.

There were 385,000 initial claims for unemployment benefits in the US during the week ending May 29, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading came in better than the market expectation of 395,000 and followed the previous print of 405,000 (revised from 406,000).

Market reaction

The US Dollar Index preserves its bullish momentum after this report and was last seen gaining 0.35% on the day at 90.22.

Additional takeaways

"The 4-week moving average was 428,000, a decrease of 30,500 from the previous week's revised average."

"The advance seasonally adjusted insured unemployment rate was 2.7% for the week ending May 22, an increase of 0.1 percentage point from the previous week's unrevised rate."

"The advance number for seasonally adjusted insured unemployment during the week ending May 22 was 3,771,000, an increase of 169,000 from the previous week's revised level."