Investing.com – The number of Americans filing for unemployment benefits for the first time was higher than expected last week, although the number was down from the previous period.
In the United States it fell to 222,000 in the week ending May 11, down from an upwardly revised total of 232,000 the previous week. Economists had called for a reading of 219,000.
The four-week moving average, which attempts to account for fluctuations in the weekly measure, reached 217,750, an increase of 2,500.
These numbers come as Federal Reserve officials try to assess the health of the US labor market. Signs of a decline in labor demand could ease some of the upward pressure on wages, and thus inflation, which could strengthen the Fed's case for cutting interest rates from their highest levels in more than two decades.
Data earlier this month showed that the US economy added the fewest jobs in six months in April, while the pace of annual wage growth fell below 4% for the first time in nearly three years. A separate statement issued Wednesday found that consumer prices rose 3.4% last month, slowing compared to March and in line with expectations.