The U.S. Department of Labor revealed that initial jobless claims came in at 623,000 for the week ended May 23. This was down 13,000 from a revised mark of 636,000 in the previous week.
The 4-week moving average of initial claims, a statistic that flattens out week-to-week fluctuations in the data, dipped to 626,750 from the revised mark of 629,750 seen in the previous week.
Continuing claims, which measures the number of people receiving ongoing unemployment help, rose once again and set another record high. The statistic climbed 110,000 to 6.788 million.
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