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A report released by the Labor Department on Thursday showed a modest increase in first-time claims for U.S. unemployment benefits in the week ended May 20th.
The Labor Department said initial jobless claims crept up to 229,000, an increase of 4,000 from the previous week's revised level of 225,000.
Economists had expected jobless claims to inch up to 245,000 from the 242,000 originally reported for the previous week.
The report also showed the less volatile four-week moving average came in at 231,750, unchanged from the previous week's revised average.
