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U.S. initial jobless claims jump to 294,000

Xinhua, May 12, 2016 Adjust font size:

The number of Americans initially applying for unemployment aid last week rose to the highest level since February 2015, adding to the new sign that the job market is cooling.

In the week ending May 7, the advance figure of seasonally adjusted initial claims for jobless benefits rose to 294,000, an increase of 20,000 from the previous week, the U.S. Labor Department said Thursday.

This was the highest level for initial claims since February 28, 2015 when it was 310,000, said the Labor Department, adding that this marks 62 consecutive weeks that initial claims hit below 300,000, a benchmark for real job performance.

The U.S. total non-farm payroll employment increased by 160,000 in April, far below the market expectation of 200,000, marking the slowest pace in seven months.

Some analysts expected the U.S. Federal Reserve may delay raising the interest rate to September, considering the current lower-than-expected job data. Endi