Weekly jobless claims jump to 231,000, the highest since August

Initial jobless claims in the U.S. rose to 231,000 for the week ending May 4, marking the highest level since August 2023 and surpassing expectations. This increase suggests potential shifts in an otherwise strong labor market. Continuing claims also rose, reaching 1.78 million. Despite recent robust hiring reports, job openings have declined, indicating a possible slowdown in the labor market.