U.S. Weekly Jobless Claims Unexpectedly Edge Slightly Lower

(RTTNews) - A report released by the Labor Department on Thursday unexpectedly showed a slight decline by first-time claims for U.S. unemployment benefits in the week ended May 17th.

The Labor Department said initial jobless claims edged down to 227,000, a decrease of 2,000 from the previous week's unrevised level of 229,000. The dip surprised economists, who had expected jobless claims to inch up to 230,000.

Meanwhile, the report said the less volatile four-week moving average crept up to 231,500, an increase of 1,000 from the previous week's unrevised average of 230,500.