Overview

• The Labor Department said initial claims fell by 5,000 to 245,000 for the week ended June 14
• The four-week moving average of claims rose to 245,500, marking the highest reading since August 2023
• Continuing claims decreased by 6,000 to 1.945 million in the week ending June 7
• Nonfarm payroll growth slowed to an increase of 139,000 jobs in May compared with 193,000 a year earlier
• Economists link rising layoffs to President Trump’s broad tariffs, while Fed officials are expected to keep the benchmark rate at 4.25%–4.50%