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US initial jobless claims hold steady at 211,000

Initial claims for U.S. unemployment benefits stood at 211,000 in the week that ended May 5, unchanged from the prior's week unrevised level, the U.S. Department of Labor said.

Claims compared to an Econoday consensus forecast of 220,000.

The four-week moving average dropped 5,500 to 216,000 from an unrevised average of 221,500, marking its lowest level since Dec. 20, 1969.

Claims procedures continue to be disrupted in Puerto Rico and the Virgin Islands, according to the Labor Department.

The advance seasonally adjusted insured unemployment rate rose 0.1 percentage point to 1.3% for the week that ended April 28. Insured unemployment during that week increased 30,000 to 1,790,000 from the previous week's revised level of 1,760,000.