Initial jobless claims in the US held steady at 248,000 in the first week of June, unchanged from the previous week’s revised figure and defying market expectations for a drop to 240,000. The figure remained at its highest level since early October 2024, signaling early signs of softening in the labor market amid persistent economic uncertainty. The four-week moving average, which smooths out weekly fluctuations, rose by 5,000 to 240,250 - its highest level since late August 2023. Meanwhile, continuing claims jumped by 54,000 to 1,956,000 in the week ending May 31, the highest since mid-November 2021 and well above the forecast of 1,910,000. In a closely watched segment, initial claims filed by federal government employees - which have been under scrutiny following recent dismissals by the Department of Government Efficiency (DOGE) - rose by 56 to 889 in the last week of May.