While the U.S. Labor Department released a report on Thursday showing a modest rebound in initial jobless claims in the week ended May 31st, the four-week moving average still fell to its lowest level in about seven years.
The report said initial jobless claims rose to 312,000, an increase of 8,000 from the previous week's revised level of 304,000. Economists had expected claims to climb to 310,000 from the 300,000 originally reported for the previous week.
Meanwhile, the Labor Department said the less volatile four-week moving average dipped to 310,250, a decrease of 2,250 from the previous week's revised average of 312,500.
With the decrease, the four-week moving average fell to its lowest level since hitting 307,500 in the week ended June 2, 2007.
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