Increase in U.S. Unemployment Benefit Claims

Data released today indicated an increase in the number of Americans filing for new unemployment benefits last week. The U.S. Department of Labor stated, "Initial claims for state unemployment benefits rose by 3,000 to 219,000 during the week ending May 18." The labor market is regaining balance after the Federal Reserve has raised interest rates by 525 basis points since March 2022, slowing overall economic demand.