June 20, 2024
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New applications for US unemployment aid, a proxy for job cuts, rose more than expected last week to the highest level in a month, echoing data in recent days that have shown signs of labour market softening.

Initial state unemployment claims totalled 229,000 in the week ending June 1, on a seasonally adjusted basis, the US labour department said on Thursday. That surpassed economists’ expectations of 220,000 claims and the previous week’s upwardly revised level of 221,000 new claims.

The figures remain at historically low levels reflecting a labour market that remains resilient overall. But they follow data this week showing job openings fell to a three-year low in April and fewer private sector jobs than expected were added in May. Official jobs numbers are due on Friday morning.

Continuing jobless claims, which measure the number of Americans actively receiving unemployment aid, remained little changed at 1.79mn in the week ending May 25.

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