US jobless claims tick up in week ended 7 May

US first-time jobless claims ticked up by 1,000 in the week ended 7 May to hit 203,000, ahead of both the prior week's upwardly revised print of 202,000 and estimates for a reading of 195,000.

According to the Labor Department, the four-week moving average was 192,750, an increase of 4,250 from the previous week's revised reading, which grew from 188,000 to 188,500,

The advance seasonally adjusted insured unemployment rate was 1.0% for the week ending 30 April, unchanged from the previous week's unrevised rate, while the advance number for seasonally adjusted insured unemployment during the week ended 30 April was 1.34m, a decrease of 44,000 from the previous week's revised level - the lowest level for insured unemployment since 3 January 1970.