The number of Americans filing for new unemployment benefits rose to a one-month high, signaling a potential softening of the U.S. labor market.
According to the Department of Labor, initial jobless claims increased by 14,000 to 240,000 for the week ending May 24. The previous week’s level was adjusted down by 1,000 to 226,000.
The latest reading came in higher than the consensus forecast of 230,000.
Michigan led the country in increased jobless claims, up 3,329. This was followed by California (up 1,424) and Nebraska (up 1,322).
In addition, initial unemployment claims filed under programs for federal workers jumped by 15 to 610. Economists have been closely monitoring this metric to determine the impact of the federal government’s workforce reduction recommended by the Department of Government Efficiency (DOGE)….