US initial jobless claims remain at 20-month high

Previous week's figure revised up by 2,000 from 262,000 to 264,000, according to Labor Department

By Ovunc Kutlu

ISTANBUL (AA) - The number of Americans filing first-time unemployment claims remained steady at its highest level in almost 20 months, according to Labor Department data released on Thursday.

The previous week's figure was revised up by 2,000 from 262,000 to 264,000, which is still the highest level since Oct. 30, 2021, the department said in a statement.

The figure is also higher than market estimates of 260,000.

The four-week moving average was 255,750, an increase of 8,500 from the previous week's revised average.

"This is the highest level for this average since November 13, 2021 when it was 260,000," the statement said.

The US economy added 339,000 jobs in May, but the unemployment rate unexpectedly rose to 3.7%, from 3.4% in April.

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