The number of new jobless claims represents the number of people who filed for unemployment in the previous week. The new figure was more than forecasters' expectations of 359,000 new claims. The number is also higher than the week before, which saw 375,000 filings.Weekly jobless claims are being watched closely as the U.S. economy recovers because recent monthly jobs reports have been less than stellar and have added to concerns that the country could be in the throes of a labor shortage.
The economy fell slightly short of expectations last month and added 559,000 new jobs, a number that was below the 650,000-consensus level but was still far more positive than the surprisingly bad report from the month before. Only 278,000 jobs were added in April, a figure way below predictions of nearly 1 million additional jobs.