The Labor Department released its latest report on Thursday, revealing an unexpected rise in first-time claims for U.S. unemployment benefits for the week ending June 8th.
According to the report, initial jobless claims increased to 242,000, marking a 13,000 rise from the previous week's unrevised figure of 229,000. This surge contrasts with economists' expectations, which had forecast a slight decrease to 225,000.
This unanticipated rise brought jobless claims to their highest level since they reached 248,000 for the week ending August 12, 2023.
Additionally, the Labor Department noted that the less volatile four-week moving average also saw an uptick, climbing to 227,000. This represents an increase of 4,750 from the prior week's unrevised average of 222,250.
