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Weekly initial jobless claims rise 242,000, more than expected

Published 06/13/2024, 08:34 PM
© Reuters

Investing.com -- The number of Americans filing for first-time unemployment benefits rose by more than anticipated last week, pointing to a cooling labor market.

Initial jobless claims in the U.S. climbed to 242,000 in the week ended on June 8, an increase from a total of 229,000 in the prior week. Economists had forecast a consensus figure of 225,000.

The four-week moving average, which attempts to account for variances in the weekly figure, edged higher to 227,000 from 222,250.

The U.S. labor market had shown signs of cooling, potentially offering the U.S. Federal Reserve some leeway to start cutting interest rates from record levels, but the May jobs report at the start of the month changed the narrative.

U.S. job growth accelerated far more than expected in May, as nonfarm payrolls increased by 272,000 jobs last month, much more than the 182,000 forecast.

The U.S. central bank kept interest rates unchanged at its latest policy meeting, which concluded on Wednesday, but officials reined in projections for how aggressively they would cut rates this year, from three 25 basis point rate cuts to just one.

 

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