US preliminary jobless claims 248K versus 240K estimate

Initial jobless claims:

• Prior week initial jobless claims 247K revised to 248K
• Initial jobless claims 248K versus 240K estimate. Highest since October 2024
• 4 week moving average of initial jobless claims 240.25K versus 235.25K last week

Continuing claims:

• Prior week 1.902 million revised from 1.904 million.
• Continue climb to 1.956 million versus 1.910 million estimate. The 3rtd week higher and highest since November 2021.
• 4-week MA 1.915M vs 1.895M

The initial jobless claims and continuing claims are trending to the upside.

Below is a chart of the continuing claims as it breaks to the upside indicative of a weaker job market.

The largest increases (a week delayed from this data) in initial claims for the week ending May 31 were in Kentucky (+3,967), Minnesota (+2,364),
Tennessee (+1,764), Ohio (+1,271), and North Dakota (+593), while the largest decreases were in Michigan (-3,783),
Massachusetts (-1,585), Florida (-1,456), Iowa (-1,074), and Nebraska (-1,065).

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