11:31 AM EDT, 05/16/2024 (MT Newswires) -- Weekly applications for unemployment insurance decreased less than Wall Street's expectations, while the four-week moving average rose, government data showed.

The seasonally adjusted number of initial claims declined by 10,000 to 222,000 in the week ended May 11, the US Department of Labor said Thursday. The consensus was for a 220,000 level in a survey of analysts compiled by Bloomberg. The previous week's reading was revised up by 1,000 to 232,000.

The four-week moving average came in at 217,750, rising by 2,500 from the prior week's average, which was revised up by 250. Unadjusted claims fell by 13,325 on a weekly basis to 196,725.

"The four-week average of 218,000 has turned up modestly this year but remains relatively low; in fact, it's in line with the 2019 average when labor markets were similarly taut," BMO Capital Markets Senior Economist Sal Guatieri said in a note.

For the week ended May 4, seasonally adjusted continuing claims totaled 1.79 million, just ahead of the Bloomberg consensus for 1.78 million. Continuing claims advanced by 13,000 from the previous week's level that was revised down by 4,000. The four-week moving average was about 1.78 million, decreasing by 750 from the previous week's downwardly revised average, according to the DOL.

The Bureau of Labor Statistics reported earlier in May that the US economy added fewer jobs than expected in April while wage growth eased, a welcome sign for the Federal Reserve seeking more progress on inflation before considering interest rate cuts. The Fed's monetary policy committee on May 1 held benchmark interest rates steady for the sixth straight time, citing a lack of further progress on inflation in recent months.

New York saw the highest gain in initial claims for the week ended May 4 at 10,171, followed by California with 3,595 and Indiana with 2,367, according to the DOL. The largest decrease was in Iowa, where claims slipped by 1,177, followed by New Hampshire and Connecticut.