US Jobless Claims Rise to 229,000 as Real Hourly Earnings Fall 0.7%
US labor-market and household-income data weakened in May and early June. Initial jobless claims rose to 229,000, above the 220,000 estimate and up from 225,000 in the prior week, while continuing claims increased to 1.795 million. At the same time, real average hourly earnings fell 0.7% from a year earlier, the biggest drop since 2023, and real weekly earnings declined 0.4%.
Broader gauges also worsened. The Misery Index, which combines consumer-price inflation and the unemployment rate, reached a cycle high of 8.5% as inflation picked up. The number of Americans unemployed for 27 weeks or more rose by 155,000 in May to 1.99 million, the highest since December 2021, accounting for 27.5% of total unemployment.
From the sources (4 posts)
@lizannsondersIn year/year terms, May real average hourly earnings fell -0.7% (biggest drop since 2023) vs. -0.3% prior; weekly earnings -0.4% vs. -0.2% prior
@lizannsondersMisery Index (CPI y/y + unemployment rate) increased 4 percentage points in May and now sits at a cycle high of 8.5%, driven by the recent rise in inflation
@lizannsondersInitial jobless claims up to 229k vs. 220k est. & 225k prior; continuing claims at 1.795M vs. 1.785M est. & 1.771M prior … greatest increases in PA (+5.6k), CA (+5.3k), & MN (+5.3k); greatest decreases in TN (-1.1k), OK (-0.5k),
@globalmktobserv‼️The US job market is WAY weaker than headlines suggest: The number of Americans out of work for 27 weeks or more surged +155,000 in May, to 1.99 million, the highest since December 2021. Over the last 12 months, this figure has surged +