US initial jobless claims fell by -4k to 226k in the week ending June 13, coming in below expectations of 232k and suggesting layoffs remain relatively subdued. However, the underlying trend was somewhat less encouraging. The four-week moving average of initial claims, which smooths out weekly volatility, rose by 4k to 223.25k.
Meanwhile, continuing claims increased by 24k to 1.810 million in the week ending June 6, with the corresponding four-week average rising by 9.75k to 1.788 million. The increase in continuing claims suggests that while employers are generally reluctant to cut staff, unemployed workers may be taking longer to find new jobs.
