Jobless Claims Highest Since 2021

The number of initial unemployment claims in the United States rose to 264,000 in the week that ended on May 6, which is the highest level since October 2021. Continuing claims also increased by 12,000 to 1.81 million in the week having ended on April 29. This suggests that the labor market is gradually cooling, which means it may be difficult for people to find work after losing their jobs.