By Sarah Chaney CambonWorker filings for U.S. unemployment benefits increased slightly last week, but remained historically low as the strong labor market gradually cools. Initial jobless claims, a proxy for layoffs, ticked up by 2,000 to a seasonally adjusted 232,000 last week, the Labor Department said Thursday. The four-week average of weekly claims, which smooths volatility in the weekly numbers, declined to 229,500. Claims averaged about 220,000 a week in 2019, just before the pandemic began and when the labor market was also strong. Continuing claims, which reflect the number of people seeking ongoing unemployment benefits, increased by 6,000 to 1.8 million in the week ended May 20.

Source: Wall Street Journal June 01, 2023 13:04 UTC