New employment data sent mixed signals about the health of the U.S. labor market, as more workers filed for unemployment benefits last week and employers slowed their planned layoffs in May.
According to the Department of Labor, initial jobless claims rose by 8,000, to 247,000, the highest level since early October 2024, for the week ended May 31. This is up from the previous week’s downwardly revised 239,000.
The reading came in higher than the consensus estimate of 235,000.
The four-week average, which removes week-to-week volatility, rose to 235,000 from 230,500.
Continuing jobless claims—a measure of individuals out of work currently receiving unemployment benefits—dipped to 1.904 million, from a downwardly adjusted 1.907 million. This came in below economists’ expectations of 1.91 million….