Initial claims for state unemployment benefits jumped 28,000 to a seasonally adjusted 261,000 for the week ended June 3.
The number of Americans filing new claims for unemployment benefits surged to the highest level in more than 1-1/2 years last week, but most economists were not convinced that layoffs were accelerating, noting that the data can be very volatile.
“The jump in claims could be a sign of a pickup in layoffs but, given the volatility of claims from week-to-week, it is too soon to reach that conclusion,” said Conrad DeQuadros, senior economic advisor at Brean Capital in New York. The data also included last week’s Memorial Day holiday. Claims tend to be volatile around public holidays.Initial claims for state unemployment benefits jumped 28,000 to a seasonally adjusted 261,000 for the week ended June 3, the highest level since October 2021.Unadjusted claims increased only 10,535 to 219,391 last week, with applications in Ohio surging 6,345 and filings in California shooting up 5,173.
Job growth is being driven by the services sector, including the leisure and hospitality category, which is still catching up after businesses struggled to find workers over the last two years.
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