Jobless claims in the U.S. reversed back down, falling by 23,000 filings for the week ending May 18 and hitting 340,000 total claims.
This slight increase comes after last week’s revised figure of 363,000, according to the Department of Labor.
The four-week moving average was 339,500, a drop of 500 filings from the previous week.
Analysts with Econoday said there have been a few bright spots on the outlook for May's economic data.
"This report is definitely a strong positive for the employment outlook. Whether this correlates with gains for the Dow is uncertain given the possibility, following yesterday's hawkish sounding FOMC minutes, that strong data could begin to trigger withdrawal of Federal Reserve stimulus," Econoday said.