Overview

• Initial claims for state unemployment benefits remained at a seasonally adjusted 248,000 for the week ending June 7.
• The number of people receiving benefits after an initial week of aid rose by 54,000 to a seasonally adjusted 1.956 million for the week ending May 31.
• Nonfarm payrolls increased by 139,000 in May, down from 193,000 a year earlier.
• The Quarterly Census of Employment and Wages suggests slower job growth from April to December 2024 and economists predict an 800,000 to 1.125 million downward benchmark revision.
• Pressures from President Trump’s tariffs and President Biden’s tougher immigration measures are slowing hiring momentum.