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According to a Reuters survey of economists, the US labor market situation is improving, but millions continue to draw unemployment benefits, the US weekly Jobless Claims data is likely to show later on Thursday at 1230 GMT.

Key findings

“New applications for state unemployment benefits likely totaled a seasonally adjusted 1.55 million for the week ended June 6, down from 1.877 million the prior week.

That would pull initial claims further away from a record 6.867 million in late March.

It could reinforce views that the labor market has weathered the worst of the turbulence.

But claims for jobless benefits would still be more than double their peak during the 2007-09 Great Recession.

The report on Thursday is expected to show continuing claims slipped to 20 million in the week ending May 30 from 21.487 million in the prior week. Continuing claims have eased from a record high of 24.912 million in early May.”

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