February 1, 2023

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Claims reached 229 thousand, the highest level since January

Claims reached 229 thousand, the highest level since January

A man walks past an “We’re Hiring” sign posted outside a restaurant in Arlington, Virginia on June 3, 2022.

Olivier Doolery | Agence France-Presse | Getty Images

The Labor Department reported Thursday that initial jobless claims rose to their highest level since mid-January last week, although there were indications of a strong employment picture otherwise.

Deposits for the first time The total for the week ending June 4 was 229,000, up 27,000 from the upwardly revised level in the prior period and well ahead of the 210,000 Dow Jones estimate. The period covered includes Memorial Day holiday; Seasonal adjustments usually result in a higher number.

The last time the initial claims were that high was on January 15th.

However, continuing claims, which are a week behind the headline figure, are unchanged at just over 1.3 million, below FactSet’s estimate of 1.35 million.

The four-week moving average of continuing claims, which represents the fluctuation in numbers, fell slightly to 1.32 million, the lowest level since January 10, 1970.

The rise in claims comes less than a week after the Bureau of Labor Statistics announced it Nonfarm payrolls rose 390,000 in Maymuch better than expected.

Companies continued to hire despite mounting concerns about the US economy May be heading toward a shallow stagnation As inflation continues to flare and global supply chains continue to be clogged.

The Federal Reserve is in the early stages of a rate-raising cycle aimed at lowering inflation, which is at its highest level in 40 years. Federal Reserve officials hope to slow the labor market without causing a rise in the unemployment rate, which is 3.6% and near its lowest level since 1969.

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