US jobless claims tick higher ahead of critical May jobs report

Source: The Hill

“Unemployment claims rose to a four-week high last week ahead of the May jobs report, a critical data point for the Federal Reserve as it weighs whether to start cutting interest rates this year. New first-time applications for jobless aid increased by 8,000 to 229,000 for the week ending June 1, the Labor Department reported Thursday. Claims for the previous week were revised up by 2,000 to 221,000. The less volatile 4-week moving average dropped by 750 claims compared to the prior reading, landing at 222,250. Unemployment has remained below 4 percent since January 2022, with the job market showing surprising strength even as the Federal Reserve has been tightening its monetary policy over that period.” (06/06/24)