Jobless Claims in the US Increases to Their Highest Level Since January

US weekly unemployment claims increased slightly while the trade imbalance decreased in May.

According to data released by the US Labor Department, initial claims for unemployment insurance reached 235,000 for the week ending July 2, an increase of 4,000 from the prior week. 

The four-week moving average increased to 232,500, its highest level since December 2021, while the total reached its highest level since January 15.

A week behind schedule, continuing claims increased as well, jumping 51,000 to 1.375 million.

After a very low level of job layoffs in the first three months of the year, layoff notifications increased dramatically in the second quarter. 

The annual layoffs total of 133,211 as of June was down 37% from the same period last year, while the second quarter saw the greatest quarterly total since the first quarter of 2021.

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