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First-time claims for U.S. unemployment benefits rose by much more than expected in the week ended May 4th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims climbed to 231,000, an increase of 22,000 from the previous week's revised level of 209,000. Economists had expected jobless claims to inch up to 210,000.

First-time claims for U.S. unemployment benefits rose by much more than expected in the week ended May 4th, according to a report released by the Labor Department on Thursday.

The Commerce Department released a report on Wednesday showing a pullback by U.S. wholesale inventories in the month of March. The report said wholesale inventories fell by 0.4 percent in March after rising by 0.2 percent in February. The decrease by wholesale inventories matched economist estimates.

Mortgage applications in the U.S. saw a notable rebound in the week ended May 3rd, according to a report released by the Mortgage Bankers Association on Wednesday.