US Jobless Claims Edge Up but Remain Near Historic Lows

Initial jobless claims in the US rose by 5,000 to 215,000 for the week ending May 23, according to data from the Department of Labor. Despite the increase, both initial claims and continuing benefits remain well below levels seen a year ago, indicating that layoffs are staying near historic lows. The labor market continues to show resilience, with the four-week moving average of claims also remaining low. The data suggests that employers are holding onto workers amid a tight labor market, even as the economy faces headwinds from high interest rates and inflation. Continuing claims, which track the number of people receiving unemployment benefits, also edged up but remain subdued. The report underscores the ongoing strength of the US job market, with layoffs at levels typically associated with economic expansion.