US initial jobless claims hit five-week high

(Sharecast News) - Americans lined up for unemployment benefits at an accelerated pace in the week ended 10 May, according to the Department of Labor. Initial jobless claims rose by 14,000 week-on-week to 240,000, the highest reading in a month, and above expectations of 230,000. Outstanding claims rose by 26,000 to 1.91m, also above market expectations of a drop to 1.89m, and the highest level since November 2021.

Meanwhile, the four-week moving average, which aims to strip out week-to-week volatility, decreased by 250 to 230,750.

The Labor Department's figures seem to indicate that the US labour market may be softening amid ongoing heightened economic uncertainty.

Also of note, initial unemployment claims filed under programs for Federal government employees, which have been closely watched as a result of mass firings by the Department of Government Efficiency, rose by 15 to 610.





Reporting by Iain Gilbert at Sharecast.com