FX.co ★ US Jobless Claims Rise to 8-Month High

U.S. initial jobless claims increased by 8,000, reaching a total of 247,000 for the week ending May 31. This rise is up from the previous week’s adjusted figure of 239,000 and contrasts with market predictions, which anticipated a drop to 235,000. This jump reflects the highest level since early October 2024, hinting at initial signs of weakening in the labor market in the face of persistent economic uncertainties. On the other hand, continuing claims slightly decreased to 1,904,000 for the week ending May 24, down from a revised 1,907,000 and exceeding expectations pegged at 1,910,000. In a notable development, initial claims submitted by federal government employees—subject to increased attention following recent layoffs by the Department of Government Efficiency (DOGE)—declined by 72, reaching a total of 538 during the same period.