US Initial Jobless Claims Rise to Highest Level Since October

Applications for US unemployment benefits unexpectedly rose last week to the highest since October, adding to signs that the job market is cooling.

Initial claims increased by 8,000 to 247,000 in the week ended May 31, a period that included Memorial Day. The median forecast in a Bloomberg survey of economists called for 235,000 applications.

Weekly claims tend to be volatile and fluctuate even more around holidays. However, recent data and surveys pointed to a slowdown in economic activity and sustained gains in benefit filings in the coming weeks could be a sign that layoffs are on the rise.

The ...