Initial jobless claims were slightly higher than expected with a seasonally adjusted 219k (cons 217k) in the week to May 25. Last week’s data were revised 1k higher to 216k.
• The four-week average increased 3k to 223k, now +13k over the last four weeks.
• In non-seasonally adjusted terms, the 196k figure appears in line with recent years.
• Continuing claims, for which this week’s data is a payrolls reference week, were below consensus at 1791k (cons 1796k). Last week’s data were revised to 1787k (from 1794k), so while the level of continuing claims was lower than expected, there was indeed a modest uptick from prior.
• The NSA data saw a -19k fall to 1668k but remains above 2023 levels for the week to May 25.
• Overall, initial claims continue to drift higher from the tight range seen in March, but do not signal any sharp deterioration in labour market conditions.
