U.S. weekly initial jobless claims fall weaker than expectations

U.S. initial jobless claims dropped in mid-May. In the week ended 18 May, jobless claims eased to 211k, coming in slightly weaker than consensus expectations of 215k. With this, the four-week moving average dropped to 220k. The weekly claims data continue to be in line with healthy labor market conditions and historically low rates of job separation.

The week ended 18 May is the survey week for May employment report and the current readings on initial claims and its four-week moving average are slightly higher relative to those observed for the April survey week, noted Barclays in a research report.

However, claims at 193k for the April survey week were at a new recovery-low, and unlikely to be sustained at those levels. At 211k, the data is pointing to another month of solid employment gains.

Meanwhile, continuing claims for the week ending 11 May rose to 1.676 million from 1.664 million in the prior week. The insured jobless rate remained stable at 1.2 percent.

At 14:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was neutral at 47.4467 more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex