Jobless claims jump to 4-month high, but don't be fooled: Layoffs aren't on the rise

Initial unemployment claims jumped to a four-month high at the end of May, but the increase was attributed to the timing of the Memorial Day holiday rather than a rise in layoffs. The report points to a temporary distortion in the labor market data rather than a meaningful deterioration in employment conditions.

Analysis

Initial unemployment claims jumped to a four-month high at the end of May, but the increase was attributed to the timing of the Memorial Day holiday rather than a rise in layoffs. The report points to a temporary distortion in the labor market data rather than a meaningful deterioration in employment conditions.