Initial jobless claims ticked down last week, but were higher than forecast, as investors monitor the labor market for potential signs of a slowdown.
First-time unemployment filings in the U.S. totaled 229,000 for the week ended June 11, falling from the prior week's upwardly revised 232,000. Economists surveyed by Bloomberg had expected the latest reading to come in at 217,000.
Last week's total marked the highest level since mid-January when the Omicron-driven wave of COVID-19 sent droves of employees home from work.
The most recent data also brings the four-week moving average for new claims — which smooths out volatility in the weekly data — to 1,317,500, a decrease of 750 from the previous week's revised average.