Once again, jobless claims fall but continuing claims rise

Another mixed bag regarding the most recent labor market data. Initial jobless claims unexpectedly fell 13,000 to 623,000 for the week ending May 23, the U.S. Labor Department announced Thursday.

Economists surveyed by Bloomberg News had expected this week's initial jobless claims to total 631,000. Also, the four-week moving average decreased 3,000 to 629,500.

However, the continuing claims picture did not improve. Continuing claims rose another 110,000 to a record 6.79 million.