US: Initial Jobless Claims rose more than expected last week

• Initial Jobless Claims rose by 229K vs. the previous week.
• Continuing Jobless Claims rose by nearly 1.80M.

US citizens that applied for unemployment insurance benefits increased by 229K in the week ending June 1 according to the US Department of Labor (DoL) on Thursday. The prints surpassed initial estimates (220K) and the previous weekly gain of 221K (revised from 216K).

In addition, Continuing Claims increased by 2K to 1.792M in the week ended May 25.

Market reaction

The US Dollar Index (DXY) reverses two sessions in a row of gains and trades slightly on the back foot following further signs of cooling of the US labour market.