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U.S. Weekly Jobless Claims Slightly Exceed Expectations

Initial claims bumped slightly higher to 248,000 for the week ending June 7, just above economists’ expectations of 240,000 .

The previous week’s figure was revised up from 247,000 to 248,000 .

The 4-week moving average also climbed—to 240,250, its highest level since late August 2023 .

Continuing claims (i.e., insured unemployment) rose as well, reaching 1.956 million, the highest level since November 2021 .

Earlier data through the week ending May 31 had initial claims at 247,000, which was also above estimates, and seen as a signal of labor market softness ahead of upcoming jobs data .

🔍 What it means

A slight uptick in claims suggests more people are temporarily out of work, but the overall U.S. labor market remains relatively strong.

The rise in the 4-week average may indicate early signs of cooling, though not yet a clear downturn.

The increase in continuing claims warns of longer unemployment spells, which could pressure household incomes and dampen consumer spending.

What's next?

Watch for upcoming updates on non-farm payrolls and the unemployment rate to see whether this upward trend persists. Analysts will also monitor the path of continuing claims for signs that jobless spells are becoming more entrenched.