US Jobless Claims Surge to Eight-Month High Amid Economic Uncertainty
US unemployment benefit applications increased to the highest level in eight months, reaching 247,000, though they remain historically low. This rise highlights concerns about economic impacts from tariffs. The four-week average of claims increased to 235,000, showing volatility in the job market recovery post-COVID-19.
- Country:
- United States
In the latest sign of economic struggle, filings for US unemployment benefits surged to their highest level in eight months last week. Despite this increase, the numbers remain historically low, reflecting ongoing uncertainties related to how tariffs might affect the broader economy.
The Labor Department reported Thursday that new applications for jobless benefits climbed by 8,000 to a total of 247,000 for the week ending May 31, marking the highest level since early October. This exceeded analysts' forecasts, which had estimated around 237,000 new applications.
Historically, the weekly applications for jobless benefits are seen as an indicator of layoffs in the US. Since COVID-19 hit the economy five years ago, these applications have remained within a healthy range. The four-week average rose by 4,500 to 235,000, reaching its peak since late October, while the total number of Americans receiving benefits slightly dropped by 3,000 to 1.9 million.
(With inputs from agencies.)
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