As the U.S. Federal Reserve keeps an eye on jobs data, a key weekly number hit a multi-month high. U.S. weekly jobless claims came in at a seasonally adjusted 231,000 for the week ending May 4, an increase of 22,000 from last week and higher than consensus estimates for 214,000. The weekly print was the highest claims number since Aug. 26, 2023.

Continuing claims run a week behind and increased to 1.78 million, up 17,000 from the previous week. There was also an increase in the four-week moving average of claims, which helps smooth out weekly volatility in numbers.

New Jersey, California, and Rhode Island had the highest insured unemployment rates for the week ended April 20, while Iowa, Illinois and New Hampshire had the largest increases in initial claims for the week ending April 27.

Central bank officials closely monitor jobs data, as part of their dual mandate to foster economic conditions that achieve stable prices and maximum sustainable employment. The weaker-than-expected weekly jobless claims data present new evidence of a softening U.S. labor market, reviving hopes that the Federal Reserve will cut interest rates this year.

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