US: Weekly Initial Jobless Claims rise to 248K vs. 245K expected

• Initial Jobless Claims in the US increased 12,000 in the week ending July 1.
• US Dollar Index holds above 103.00 after the data.

There were 248,000 initial jobless claims in the week ending July 1, the weekly data published by the US Department of Labor (DOL) showed on Thursday. This print followed the previous week's print of 236,000 (revised from 239,000) and came in slightly higher than the market expectation of 245,000.

Further details of the publication revealed that the advance seasonally adjusted insured unemployment rate was 1.2% and the 4-week moving average was 253,250, a decrease of 3,500 from the previous week's revised average.

"The advance number for seasonally adjusted insured unemployment during the week ending June 24 was 1,720,000, a decrease of 13,000 from the previous week's revised level," the DOL further added in its press release.

Market reaction

The US Dollar Index holds above 103.00 following this data.