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Jobless claims increase more than expected

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Jobless claims increase more than expected

Weekly figure roughly in line with estimates.

The Labor Department today reported that seasonally-adjusted initial claims for unemployment insurance for the week ended May 31 were 312,000, an increase of 8,000 from the previous week's revised figure of 304,000.

Analysts had expected an increase to 310,000.

The 4-week moving average, which smoothes out volatility to a certain extent, fell 2,250 to 310,250, which is the lowest since 2007.

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The results for the week provide further evidence that job creation is firming up, albeit at a moderate pace. 

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