US jobless claims rise to highest level since October 2024

The number of US claims filed for unemployment benefits rose unexpectedly last week, hitting the highest level since October 2024, further reinforcing signs of a labor market slowdown.

According to data released today, June 5, by the US Department of Labor, the initial jobless claims increased by 8,000 compared to the previous week’s numbers, which were revised down by 1,000 claims, to 247,000 for the week ended May 31, while expectations had pointed to a 3,000-claim decrease.

The four-week average, considered a more reliable measure of labor market trends, rose by 4,500 to 235,000, from the prior week’s revised average of 230,500 (down 250 from the original figure).