The number of Americans filing for unemployment benefits was at 264,000 on the week ending June 17th, above market expectations to match the prior week’s upwardly revised value, the highest since October 2021. The result aligned with other recent data that reflects some softening in the US labor market after a prolonged period of stubborn tightness, as US businesses start to feel the impact of the Federal Reserve’s aggressive tightening campaign. The four-week moving average, which removes week-to-week volatility, rose by 8,500 to 255,750. On a seasonally unadjusted basis, claims fell by 1,237 to 250,037 as declines in Indiana (-1,983) and Missouri (-1,983) offset the surge in California (+7,318). On the other hand, continuing claims fell by 13,000 to 1,759,000, approaching the three-month low from late May and suggesting that conditions for jobseekers to find employment may be improving.
