US initial jobless claims (SA) rose +8k to 247k for the week ending May 31, the highest since October 2024, while the 4-week average increased +4.5k to 235k.

• Not seasonally adjusted (NSA) initial claims fell -3.1k to 208.6k but remain above the 196.2k level from the same week last year.
• Insured unemployment (SA) dipped -3k to 1.904 million, and the insured unemployment rate fell -0.1 ppt to 1.2%.
• The 4-week average of continued claims (SA) rose +8k to 1.895 million, a 10-month high.
• Federal employee claims (UCFE) declined -72 to 538, still well above last year’s 353.
• Veteran claims (UCX) dropped -79 to 295, just below the 304 recorded a year ago.

• Michigan and Nebraska pointed to an increase in layoffs in the manufacturing industry.