Overview

• Initial jobless claims rose by 8,000 to 247,000 for the week ending May 31, the highest level since October, according to the Labor Department
• The four-week moving average climbed by 4,500 to 235,000, marking its highest reading since late October
• Major employers including Procter & Gamble, Workday, Microsoft and Meta have announced workforce reductions this year
• Economists expect nonfarm payrolls to increase by about 130,000 jobs in May, down from April’s gain of 177,000, with the unemployment rate forecast to remain at 4.2%
• Financial markets project the Federal Reserve will keep its benchmark interest rate unchanged in the 4.25%–4.50% range until September