Economics
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However, inflation remains higher than the Federal Reserve would like.
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Average hourly wages rose 0.4% from April and 3.9% from a year earlier – a bit higher than forecast.
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Consumer spending, which accounts for about 70% of U.S. economic activity, accelerated to a 3.7% annual pace last quarter.
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The number of Americans who quit their jobs fell below 3.1 million, the fewest since August 2020.
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Economists had expected a weaker 1.9% annual pace of growth.
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Job postings in May rose slightly to 8.1 million, however, April’s figure was revised lower to 7.9 million.
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U.S. Filings for Jobless Claims Inch Up Modestly, But Continuing Claims Rise for Ninth Straight Week
Analysts say that continuing claims rise because many of those who are already unemployed may now be having a harder time finding new work.
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Though this week’s number seems relatively high, it’s still within a range that reflects a healthy labor market.
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Weekly unemployment claims are broadly interpreted as a proxy for the number of U.S. layoffs in a given week.