US Initial Jobless Claim rose by 11,000 last week

FXStreet (Mumbai) - The data released by the labor department in the US showed the initial jobless claims in the week ended Jan. 31 rose by 11K to 278K, missing the expected print of 290K, and up from the last week’s upwardly revised 267K.

The four-week moving average of claims, which gives a clearer picture of the labor market sentiment, also ticked lower by 6500 to 292,750, than the prior week. Meanwhile, other data showed labor productivity dropped at a 1.8% annualized rate in the fourth quarter, compared to a revised 3.7% gain in the previous quarter.