FX.co ★ US Initial Jobless Claims Rise to 3-Month High

Initial claims for unemployment benefits in the United States rose by 4,000 to 229,000 in the first week of June, reaching a three-month high and defying market expectations for a decline to 219,000. Continuing claims, a key gauge of ongoing unemployment, increased by 24,000 to 1,795,000, slightly above forecasts of 1,780,000.

Despite this brief departure from the lower levels seen in early May, the figures still point to a historically robust labor market and extend the period characterized by relatively few layoffs. At the same time, initial claims filed by federal employees—closely watched amid the administration’s efforts to reduce the public-sector workforce—rose by 89 to 553.