US applications for unemployment benefits unexpectedly declined

The number of Americans applying for unemployment benefits unexpectedly declined last week. Ministry of Labor reported decreased by 4,000 applications to 264,000 in seasonally adjusted data for the week to June 3. The number of documents for the previous week were revised up by 1,000. The economists had expected 270,000 applications submitted last week. Their number is below 300,000 already on 66th consecutive week, the longest series since 1973.

The four-week average value decreased by 7,500 to 269,500. It is considered a better indicator of trends in the labor market, as it eliminates volatility between weeks.

Analyst from the Ministry of Labor in USA says it has no specific factors that influence the dynamics of the latest data. The report is the latest sign that the labor market in the country remains stable, although employment growth in May disappoint the markets. Last month, employers outside agriculture added only 38,000 jobs, which was the weakest increase since September 2010.

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