FX.co ★ US Initial Jobless Claims Rise to 3-Month High

The number of Americans filing for unemployment benefits rose by 13,000 to 225,000 in the final week of May, exceeding market expectations of 212,000. This marked the highest level of initial claims since the first week of February. However, continuing jobless claims—a key measure of ongoing unemployment—declined by 8,000 in the preceding week to 1,777,000. Although no longer at the lows seen in the previous quarter, this figure remained in line with the two-year average, underscoring a labor market still characterized by relatively low levels of layoffs. At the same time, initial claims filed by federal employees—closely watched amid the administration’s push to reduce public-sector staffing—increased by 37 to 464.