The Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits climbed much more than expected in the week ended May 6th.
The report said initial jobless claims rose to 264,000, an increase of 22,000 from the previous week's unrevised level of 242,000. Economists had expected jobless claims to inch up to 245,000.
With the much bigger than expected advance, jobless claims reached their highest level since hitting a matching number in the week ended October 30, 2021.
The Labor Department said the less volatile four-week moving average also crept up to 245,250, an increase of 6,000 from the previous week's unrevised average of 239,250.
The four-week moving average reached its highest level since hitting 249,250 in the week ended November 20, 2021.
