FX.co ★ US Initial Unemployment Claims Rise to 1-Month High

In the United States, initial jobless claims increased by 14,000 to a total of 240,000 for the week ending May 24th, marking the highest figure in a month and surpassing market predictions of 230,000. Concurrently, ongoing claims rose by 26,000, reaching 1,919,000 in the previous period, significantly exceeding market forecasts of a reduction to 1,890,000. This marks the highest level since November 2021. These figures indicate that the labor market may be beginning to weaken amid heightening economic uncertainties, with the rise in continuing claims suggesting a deceleration in hiring activities by firms. Meanwhile, initial unemployment claims under Federal government programs, which have been closely monitored due to terminations initiated by the Department of Government Efficiency (DOGE), increased by 15, reaching a total of 610.