New filings for unemployment benefits jumped to their highest level since February, landing at 225,000 for the week ending May 30. That’s 13,000 more than the prior week and well above the 213,000 economists had penciled in.
At the same time, a separate report revised first-quarter productivity growth sharply lower, from 0.8% to a barely-there 0.3% annualized rate. Two data releases, one morning, and neither painting a particularly rosy picture of the US economy.
The labor market numbers
The Department of Labor’s weekly claims data, released June 4, showed the kind of jump that gets attention without triggering panic. The previous week’s figure was also revised down to 212,000, making the week-over-week increase look even steeper.
The four-week moving average of initial claims climbed to 214,750, the highest reading since February 2026.
