US: Initial Jobless Claims increased more than estimated last week

• Initial Jobless Claims rose by 243K vs. the previous week.
• Continuing Jobless Claims rose by nearly 1.870M.

US citizens that applied for unemployment insurance benefits increased by 243K in the week ending July 13 according to the US Department of Labor (DoL) on Thursday. The prints came in above initial estimates (230K) and were higher than the previous weekly gain of 223K (revised from 239K).

Further details of the publication revealed that the advance seasonally adjusted insured unemployment rate was 1.2% and the 4-week moving average was 234.75K, an increase of 1K from the previous week's revised average.

In addition, Continuing Claims decreased by 20K to 1.867M in the week ended July 6.