The US Labor Department released jobless claims today, marking the 117th week claims have been under the 300,000 threshold.
Reported new claims jumped 13,000 to reach 248,000 for the week ended May 27th. This was expected as the seasonal holidays affected reporting, with some branches closed and numbers for the states of California, Hawaii, Kansas, Kentucky, Louisiana, North Dakota, Texas and Virginia were estimated due to Memorial Day. The four-week average, which better balances out week to week fluctuations, was reported at 238,000. Continuing claims, however, had fallen by 9,000 to 1.92 million, marking the 7th week that such claims were under 2 million. Additionally, the labor market is reported to be near full capacity, with unemployment listed as 4.4%, a 10-year low.
The government is expected to report the jobs added in May to equal 185,000, according to MarketWatch and should be able to keep the unemployment rate at its current level, if not shrink it.