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US weekly jobless claims:


One man is seen walking past a “We are Hiring” sign outside a Arlington, Virginia restaurant on June 3, 2022.

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The Labor Department reports that initial jobless claims rose to the highest point since mid-January despite strong signs of employment.

First-time filingsFor the week ending June 4, the total reached 229,000. This is 27,000 more than the revised upwardly in the previous period, and well above the 210,000 Dow Jones estimate.

Jan. 15 was the last time that initial claims reached this high.

However, continued claims, which were a week behind headline numbers, were unaffected at just over 1 million. This is lower than the FactSet estimate 1.35million.

The 4-week moving average of continuing claims (which accounts for the volatility in the numbers) fell slightly to 1.32million, its lowest point since Jan. 10, 1970.

This increase in claims is less than one week after the Bureau of Labor Statistics had reported it. nonfarm payrolls increased by 390,000 in MayThis is a lot better than I expected.

Despite rising concerns about the U.S. economic health, companies have maintained their hiring practices. could be headed for a shallow recessionInflation is on the rise, but global supply chain remain blocked.