Initial filings for unemployment benefits totaled a seasonally adjusted 261,000 for the week ended June 3, an increase of 28,000.
The total was well ahead of the Dow Jones estimate for 235,000 and in fact was the highest weekly rate since Oct. 30, 2021.
The Labor Department did not cite any specific factor for the increase. The unadjusted total was 219,391, which in itself was an increase of 10,535, or 5%, from the previous week. Seasonal factors actually would have indicated a 6% decrease, the department noted. The report comes less than a week ahead of the next Federal Reserve meeting, during which central bank policymakers will have to decide their next move with interest rates.
Since March 2022, the Fed has raised its benchmark borrowing rate 10 times to a targeted range between 5%-5.25%. During that period, the labor market has shown resilience, with nonfarm payrolls climbing by nearly 1.6 million in 2023.showed some chinks in the armor, with the unemployment rate rising by 0.3 percentage point to 3.7% as the household survey showed a decline of 310,000 in those saying they are employed.
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