India, June 5 -- With the more closely watched monthly jobs report looming, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits unexpectedly increased in the week ended May 31st.
The report said initial jobless claims climbed to 247,000, an increase of 8,000 from the previous week's revised level of 239,000.
Economists had expected jobless claims to dip to 235,000 from the 240,000 originally reported for the previous week.
With the unexpected increase, jobless claims reached their highest level since hitting 259,000 in the week ended October 5, 2024.
"Jobless claims continue to rise, but they are rising at a slow pace, so it's a trend worth watching, but too soon to sound the alarm...