US weekly jobless claims beat expectations

The number of Americans filing new claims for unemployment benefits rose more than expected last week, on higher claims filed in New York, California and New Jersey.

Labor Department data released on July 3 showed jobless claims rose by 4,000 to 238,000 applications in the week ended June 29, remaining near their highest levels in a year.

It was expected to reach 233,000 applications, from the previous week’s reading, which was revised upward by 1,000 to 234,000 applications.

In addition, the four-week moving average for new claims, a better measure of labor market trends as it irons out weekly fluctuations, saw a 2,250 uptick to 238,500 applications, from the previous week's revised average of 236,250. This data are usually issued every Thursday, but was released a day earlier due to the Fourth of July holiday in the US.

Investors and Federal Reserve policymakers monitor unemployment claims data to track the US labor market, which influences monetary policy decisions.