The number of initial jobless claims in the United States was slightly higher than expected, while the number of continuing claims reached a new high since the end of 2021
For the week ending June 7, the number of initial jobless claims in the United States was 248,000, slightly higher than the expected 240,000. The number of continuing claims was 1.956 million, reaching a new high since the end of 2021. This indicates that it is becoming more difficult for the unemployed to find jobs, and hiring is slowing down. Although employers have not seen large-scale layoffs, the labor market is gradually losing momentum. The Federal Reserve is expected to keep interest rates unchanged, with policymakers focusing on the impact of Trump's policies on the economy
According to the Zhitong Finance APP, the number of initial jobless claims in the U.S. for the week ending June 7 was 248,000, expected to be 240,000, with the previous value revised from 247,000 to 248,000; this is the highest level since October of last year. These figures may be influenced by the end of the school year and school holidays. In 2024, the number of initial jobless claims reached a high level in early June. This further indicates that it is taking longer for unemployed Americans to find new jobs. The number of continuing jobless claims in the U.S. for the week ending May 31 was 1.956 million, expected to be 1.91 million, with the previous value revised from 1.904 million to 1.902 million, marking the highest level since the end of 2021.
The number of initial jobless claims aligns with the slowdown in hiring, indicating that unemployed individuals in the U.S. are struggling to find work. However, the period covered by the report includes Memorial Day and some states' pre-summer vacation periods, which increases the volatility of the data.
As the school year ends this month and some states allow non-teaching staff to collect benefits during the long summer break, the number of applicants may continue to rise. Despite employers retaining workers amid economic uncertainty triggered by Trump's aggressive tariffs, large-scale layoffs have not occurred, but the labor market is gradually losing momentum. The White House's crackdown on immigration has also slowed job growth. In May, non-farm payrolls increased by 139,000, lower than the 193,000 in the same period last year.
The Federal Reserve is expected to keep interest rates unchanged at next week's meeting, as policymakers are waiting to observe the impact of Trump's policies on the economy. Job growth slowed in May but remains generally positive, while this week's inflation data indicates that the impact of tariffs on consumer prices has been limited so far.
Bloomberg economist Eliza Winger stated, "Employers are cautious about the economic growth outlook, which has led to relatively low hiring rates and made it more difficult for the unemployed to find new jobs."
