FX.co ★ US Jobless Claims Steady, Continuing Claims Jump

In the first week of June, the number of initial jobless claims in the United States remained steady at 248,000, matching the revised figure from the previous week. This result was contrary to market forecasts that anticipated a decrease to 240,000. This unchanged figure represents the highest level since early October 2024, indicating initial signs of a weakening labor market amidst ongoing economic uncertainty. Furthermore, the four-week moving average, which helps to mitigate the impact of weekly volatility, increased by 5,000 to reach 240,250, marking its highest point since late August 2023. At the same time, continuing claims rose significantly by 54,000 to a total of 1,956,000 for the week ending May 31. This surge exceeded expectations, surpassing the forecast of 1,910,000, and represents the highest level since mid-November 2021. Notably, in a category that receives particular attention, initial claims filed by federal government employees—an area under heightened scrutiny following recent layoffs by the Department of Government Efficiency (DOGE)—increased by 23 to reach 561 in the concluding week of May.