The U.S. Labor Department released its jobless claims figures on Thursday. The number of initial jobless claims in the week ending May 14 in the U.S. decreased by 16,000 to 278,000 from 295,000 in the previous week. Analysts had expected jobless claims to decline to 275,000.

Jobless claims remained below 300,000 the 63rd straight week. This threshold is associated with the strengthening of the labour market.

Continuing jobless claims declined by 13,000 to 2,152,000 in the week ended May 07.

The Fed released its April monetary policy meeting minutes on Wednesday. The Fed kept its interest rate unchanged in April. The minutes showed that most Fed officials would support an interest rate hike in June if the U.S. economy continued to improve.

"Most participants judged that if incoming data were consistent with economic growth picking up in the second quarter, labour market conditions continuing to strengthen, and inflation making progress toward the Committee's 2 percent objective, then it likely would be appropriate for the Committee to increase the target range for the federal funds rate in June," the minutes said.

Fed officials noted that the interest rate decision would depend on the incoming economic data.

Kansas City Fed President Esther George for an interest rate hike.

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