- Initial US jobless claims rose to 229,000 in the week ended June 6
- The increase was above the Bloomberg median forecast of 220,000 claims
- Continuing claims rose to 1.8 million in the prior week, indicating ongoing claims
US initial jobless claims unexpectedly rose to the highest since February, potentially reflecting the usual volatility around school summer breaks and holidays.
Initial claims increased by 4,000 to 229,000 in the week ended June 6, according to Labor Department data released Thursday. The median forecast in a Bloomberg survey of economists called for 220,000 applications.
Continuing claims, a proxy for the number of people receiving benefits, also rose, to 1.8 million in the previous week.
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New filings tend to be lumpy after the late-May Memorial Day holiday, which marks the unofficial start of the summer season in the US. Many schools break around that time as well. Economists will look for more than a couple of weeks of data before reassessing the recent stability of the labor market.
At the same time, high-profile layoff announcements have mounted across the tech sector, with many companies citing artificial intelligence as they cut white-collar roles. Employees in the industry typically receive severance packages and are less likely to immediately apply for benefits than other workers, economists say.
The four-week moving average of new applications, a metric that helps smooth out volatility, increased for a third straight week.
Before adjusting for seasonal factors, initial claims was also up, led by states including Pennsylvania, California and Minnesota.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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