US unemployment benefit applications were unchanged last week at the highest level since October 2021, suggesting the labor market is cooling somewhat.
(Bloomberg) — US unemployment benefit applications were unchanged last week at the highest level since October 2021, suggesting the labor market is cooling somewhat.
Initial jobless claims held at 264,000 in the week ended June 17 after a slight upward revision to the previous week’s figures, according to a Labor Department report released on Thursday. This was above the median forecast of a Bloomberg survey of economists, who estimated 259,000 new claims.Â
Continuing claims, which include those who have received unemployment benefits for more than one week, fell to 1.76 million in the week through June 10.
The upward trend in claims follows recent layoff announcements in tech and banking, as well as signs of a slowdown in demand for temporary workers.
The 4-week moving average of initial claims, which can help offset volatility, rose to 255,750, the highest since November 2021.
In the week ended June 17, claims fell to about 250,000 on an unadjusted basis, with California, New Jersey and Connecticut seeing the biggest increase in filings. Claims fell in Georgia, Missouri and Indiana.
–With assistance from Augusta Saraiva, Vince Golle and Jordan Yadoo.
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