FX.co ★ US Initial Jobless Claims Above Forecasts

The number of Americans filing for unemployment benefits rose by 12,000 in the first week of May to 211,000, exceeding market expectations of 205,000. Continuing jobless claims, a proxy for overall unemployment, increased by 24,000 to 1,782,000, coming in slightly below the consensus forecast of 1,790,000. Despite these upticks, both measures remain well below their average levels from the previous year, consistent with other indicators pointing to a robust labor market and limited job cuts. At the same time, initial claims filed by federal employees—closely watched due to government shutdowns that have delayed unemployment insurance applications—declined by 46 to 392.