US Initial Jobless Claims Rise to 3-Month High

The number of people claiming unemployment benefits in the US rose by 13,000 to 225,000 in the last week of May, above market expectations of 212,000. It was the highest initial claim count since the first week of February. Still, continuing jobless claims, which are seen as a gauge of outstanding unemployment in the US, eased by 8,000 in the earlier week to 1,777,000. While failing to maintain the low levels of the last quarter, the figure remained within the average of the last two years, extending the period of a low-firing labor backdrop. Meanwhile, initial claims filed by federal employees, which have been under scrutiny due the administration's efforts in decreasing the number of public workers, rose by 37 to 464.

The number of people claiming unemployment benefits in the US rose by 5,000 to 215,000 on the third week of May, slightly above market expectations that it would rise by 1,000. In the meantime, continuing jobless claims rose by 15,000 to 1,786,000 on the second week of May, in line with expectations of 1,780,000. Despite the slight increases, the claim counts remained firmly below averages from the previous year and extended the period of stability since the declines in initial claims in the last months, maintaining the backdrop of a robust labor market and adding leeway for the Fed to remain restrictive. Meanwhile, initial claims filed by federal employees, which have been under scrutiny due to government shutdowns that have delayed unemployment insurance filing, were relatively unchanged at 427.

The number of people claiming unemployment benefits in the US fell by 3,000 to 209,000 on the second week of May, aligned with market expectations of 210,000. In the meantime, continuing jobless claims, which are a proxy for outstanding unemployment, rose by 6,000 to 1,782,000, slightly under the expectations of 1,790,000. The results extended the period of stability since the declines in initial claims earlier this year, maintain the backdrop of a robust labor market and adding leeway for the Fed to remain restrictive. Meanwhile, initial claims filed by federal employees, which have been under scrutiny due to government shutdowns that have delayed unemployment insurance filing, rose by 32 to 424.