Overview
- Initial claims for state unemployment benefits fell by 12,000 to a seasonally adjusted 215,000 for the week ended June 20, a bigger drop than economists had expected.
- The four-week moving average of claims inched up to 224,250 and continuing claims — people receiving benefits after the first week — rose to 1.821 million, signaling longer-term weakness for some workers.
- The median length of unemployment has risen to 11.6 weeks, the longest since late 2021, and recent college graduates report particular difficulty finding entry-level roles.
- The Fed’s preferred inflation gauge (PCE) jumped to a three-year high in May largely because of energy-price swings tied to disruptions in the Strait of Hormuz, which has increased the odds that policymakers will raise rates again.
- Job openings climbed to 7.6 million in April, showing demand for workers even as firms hire cautiously; that split — steady vacancy postings alongside slower hiring and longer unemployment spells — is shaping risks for growth, inflation and Fed policy.