US weekly jobless claims rise more than expected
Initial unemployment claims increased by 13,000 last week, surpassing economist forecasts but remaining within a range consistent with a stable labor market. While tech sector layoffs rose in May, the broader environment is characterized by low hiring and low firing as the Federal Reserve monitors cooling employment trends.
The United States Department of Labor reported weekly jobless claims rose 13,000 to 225,000 for the week ended May 30. This figure exceeded the 213,000 claims forecast by economists and follows an 115,000 payroll increase in April. Stable claims levels suggest the labor market remains resilient despite high-profile job cuts in the technology sector.
The four-week moving average of claims rose 6,500 to 214,750. Layoffs have remained within a range of 190,000 to 230,000 throughout the year. U.S.-based employers announced 97,006 job cuts in May, a 16% increase from April.
