Forex News – US jobless claims drop slightly, USDJPY rises

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The US jobless claims report for the week ending May 5 was released today showing slightly better than forecast numbers.

The number of Americans who applied for unemployment benefits fell last week but by a very small number of 1,000 people to bring down the total claims to 367,000. This is a one-month low, and at least helps ease concern that the US labour market may suffer an extended setback, following last week’s disappointing non-farm payrolls report.

The forecast was for a total of 368,000 jobless claims applications for the week ending May 5. Meanwhile, jobless claims from two weeks ago were revised up to 368,000 from 365,000.  The latest week’s figure compares with an average of 373,000 claims since the end of February. The four-week moving average, a less-volatile measure than the weekly figures, decreased to 379,000 last week from 384,250 the previous period.

Continuing claims decreased by 61,000 to a seasonally adjusted 3.23 million in the week ended April 28 from 3.29 million.

After the data, USDJPY rose to 79.93 from 79.65.