Key facts
- Initial jobless claims rose 13,000 to 225,000 for the week ended May 30.
- The four-week moving average of claims increased to 214,750.
- US-based employers announced 97,006 job cuts in May, up 16% from April.
- The number of people receiving unemployment benefits fell to 1.777 million.
- Nonfarm payrolls are predicted to rise by 85,000 jobs in May.
- The unemployment rate is forecast to remain unchanged at 4.3%.
The number of Americans filing claims for unemployment benefits increased more than expected last week, rising 13,000 to a seasonally adjusted 225,000 for the week ended May 30. Economists had forecast 213,000 claims. The four-week moving average of claims increased by 6,500 to 214,750. Despite high-profile job cuts in the technology sector, overall layoffs have remained low, with claims generally staying within a 190,000-230,000 range this year. U.S.-based employers announced 97,006 job cuts in May, a 16% increase from April, with about 39% in the technology sector. The number of people receiving unemployment benefits after an initial week of aid fell 8,000 to 1.777 million during the week ended May 23. The Federal Reserve's Beige Book indicated employment showed 'little to no change' in May, describing a 'low-hire, low-fire environment' with hiring remaining selective. Nonfarm payrolls are predicted to rise by 85,000 jobs in May, and the unemployment rate is forecast to hold steady at 4.3%.