US jobless claims rise 4,000 to 229,000, topping forecasts
What's new: Filings hit their highest level since early February, though unemployment stayed at 4.3% and May hiring remained solid.
Applications for US unemployment benefits rose by 4,000 to 229,000 in the week ended June 6, a higher reading than analysts expected and the highest since early February. The Labor Department’s weekly tally, a closely watched gauge of layoffs, still remains low by historical standards. The increase comes as employers navigate higher energy costs and broader economic pressure tied to the war involving Iran. Even so, the labor market has shown resilience: employers added 172,000 jobs in May, the unemployment rate held at 4.3%, and job openings climbed to 7.6 million in April. Investors are also watching the Federal Reserve, which is widely expected to leave rates unchanged next week as inflation runs above target.