U.S. jobless claims drop; layoffs fall in May
Source: Reuters
June 2, 2022
8:45 AM EDT
Last Updated 3 min ago
U.S. jobless claims drop; layoffs fall in May
Reuters
WASHINGTON, June 2 (Reuters) - The number of Americans filing new claims for unemployment benefits unexpectedly fell last week as demand for labor remained strong, helping to underpin the economy amid rising interest rates and tightening financial conditions.
Initial claims for state unemployment benefits fell 11,000 to a seasonally adjusted 200,000 for the week ended May 28, the Labor Department said on Thursday. Economists polled by Reuters had forecast 210,000 applications for the latest week.
Claims have been largely treading water since hitting more than a 53-year low of 166,000 in March. Demand for labor remains strong, though some signs of cooling are emerging.
The Federal Reserve's Beige Book on Wednesday showed "one district explicitly reported that the pace of job growth had slowed," and that "some firms in most of the coastal districts noted hiring freezes or other signs that market tightness had begun to ease."
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Read more: https://www.reuters.com/markets/us/us-jobless-claims-drop-layoffs-fall-may-2022-06-02/
Unemployment Insurance Weekly Claims
Initial claims were 200,000 for the week ending 5/28 (-11,000).
Insured unemployment was 1,309,000 for the week ending 5/21 (-34,000).
https://dol.gov/ui/data.pdf
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