Initial jobless claims for the week ending May 6 increased by 22,000 to 264,000 (consensus 247,000). Continuing jobless claims for the week ending April 29 increased by 12,000 to 1.813 million.
The key takeaway from the report is that initial claims reached their highest level since October 30, 2021, tracking in a direction that reflects a labor market that is becoming less tight.