Unemployment Claims Up 13K to Highest Level Since August

Initial jobless claims measures the number of individuals who filed for unemployment insurance for the first time during the past week. In the week ending June 8th, initial jobless claims were at a seasonally adjusted level of 242,000, an increase of 13,000 from the previous week's figure. The latest reading is higher than the forecast of 225,000 jobless claims and is the highest level since August 2023.

Here is the opening statement from the Department of Labor:

In the week ending June 8, the advance figure for seasonally adjusted initial claims was 242,000, an increase of 13,000 from the previous week's unrevised level of 229,000. The 4 week moving average was 227,000, an increase of 4,750 from the previous week's unrevised average of 222,250.

The advance seasonally adjusted insured unemployment rate was 1.2 percent for the week ending June 1, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending June 1 was 1,820,000, an increase of 30,000 from the previous week's revised level. The previous week's level was revised down by 2,000 from 1,792,000 to 1,790,000. The 4-week moving average was 1,796,750, an increase of 8,500 from the previous week's revised average. The previous week's average was revised down by 500 from 1,788,750 to 1,788,250.