Economic Buzz: US unemployment claims rise to nearly eight-month high

With the more closely watched monthly jobs report looming, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits unexpectedly increased in the week ended May 31st.

The report said initial jobless claims climbed to 247,000, an increase of 8,000 from the previous week's revised level of 239,000.

With the unexpected increase, jobless claims reached their highest level since hitting 259,000 in the week ended October 5, 2024.

The Labor Department said the less volatile four-week moving average also rose to 235,000, an increase of 4,500 from the previous week's revised average of 230,500.

Meanwhile, the report said continuing claims, a reading on the number of people receiving ongoing unemployment assistance, edged down by 3,000 to 1.904 million in the week ended May 24th.

The four-week moving average of continuing claims still rose by 8,000 to 1,895,250, reaching the highest level since November 2021.

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