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Jobless claims rise to highest level for the week ended May 28
By Yashasvini Razdan - Jun 09, 2022, 06:18 PM ET
Last Updated - Jun 07, 2024, 04:36 AM EDT
Initial jobless claims rose to 229,000 last week, rising by 27,000 compared to a week before
• Initial jobless claims rose to 229,000 last week, rising by 27,000 compared to a week before
New claims for unemployment in the U.S. rose to their highest level since mid-January last week as the US Labor Market published its Unemployment Insurance Weekly Claims report.
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First-time unemployment claims were recorded as 229,000, for the week ended May 28, increasing by 27,000 a week before and greater than the 210,000 Dow Jones estimate.
The rise in claims comes less than a week after the Bureau of Labor Statistics reported that nonfarm payrolls increased by 390,000 in May.
The figures suggest that unemployment rolls remained at a more than 52-year low at the end of May. The four-week moving average for continuing claims was 1.32 million for the week ended May 14 from the previous week’s level. This is the lowest level reported since January 10, 1970.
Unadjusted claims edged up 1,008 to 184,604 last week. Florida, Georgia and Pennsylvania, noted increases in applications, which offset declines in Mississippi and Michigan.
Source - Labor Department
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