US initial jobless claims retreat from 20-month high

By Ovunc Kutlu

ISTANBUL (AA) – The number of Americans filing first-time unemployment claims retreated from the highest level in 20 months, according to Labor Department data released on Thursday.

Initial jobless claims were 239,000 for the week ending June 24, a decrease of 26,000 from the previous week's revised level, the department said in a statement.

The previous week's level was revised up by 1,000 from 264,000 to 265,000, the highest level since Oct. 30, 2021.

The market expectation for the figure was to come in at 266,000.

The four-week moving average was 257,500, an increase of 1,500 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.