Jobless claims edge up to 215,000, highest in over a month

Applications for US unemployment benefits rose slightly, while remaining at a level consistent with a stable labor market.

Initial claims increased by 5,000 to 215,000 in the week ended May 23, the highest since mid-April, according to Labor Department data released Thursday. Continuing claims, a proxy for the number of people receiving benefits, rose to 1.79 million in the previous week.

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Even after the recent uptick, both metrics are still near historically low levels. Filings have been subdued this year despite rounds of job cuts announced by high-profile companies, most notably white-collar positions in industries such as technology.

The four-week moving average of new applications, a metric that helps smooth out volatility, jumped to 209,000 last week. 

Before adjusting for seasonal factors, initial claims advanced last week. Kansas, Missouri and Illinois led those gains.

Separate data Thursday showed that US consumer spending edged up in April, with annual inflation accelerating to the highest level since 2023 as the Iran war drove up energy prices.