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 layoffs are probably not accelerating as the data covered the Memorial Day holiday, which could have injected some volatility.
The largest increase in applications in nearly two years reported by the Labor Department on Thursday was driven by rises in Ohio, Minnesota and California. After rampant fraud in Massachusetts briefly boosted claims to a 1-1/2-year high in May before being revised away, economists cautioned against reading too much into the latest rise.
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. Economists polled by Reuters had forecast 235,000 claims for the latest week. "This implies that there might be some additional volatility in initial claims over the coming months."
Stocks on Wall Street were trading higher. The dollar fell against a basket of currencies. U.S. Treasury prices rose."Claims remain well below our estimate of 305,000 to be consistent with no monthly job growth, and it will take a more sustained increase in the level of claims to influence the Fed's monetary policy," said Matthew Martin, a U.S. economist at Oxford Economics in New York.339,000 jobs in May. Although the unemployment rate increased to a seven-month high of 3.
"Headline-grabbing layoff announcements, however, typically take some time to be put into effect," said Stuart Hoffman, a senior economic advisor at PNC Financial in Pittsburgh, Pennsylvania. "This delay accounts for the recent rise in initial claims. This effect could also portend another escalation in the months to come, alongside the ever-widening net of jobs cuts spreading across industries.
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