Jobless claims edge higher at the beginning of June

Despite a number of positive economic outlooks, the jobless claims rate unexpectedly increase during the week ending June 9.

Despite a number of positive economic outlooks, the jobless claims rate unexpectedly increase during the week ending June 9.

The number of jobless benefits issued by the government increased by 6,000 new claims to a total of 386,000, according to a report from the Department of Labor. This change could have a negative impact on the financial safety and soundness prospective mortgage borrowers need to take on home loans in the coming months.

"This is a bit of a notch-shift higher with jobless claims," BNP Paribas economist Bricklin Dwyer told Bloomberg. "We've seen some disappointing employment reports in May. The labor market is just kind of mediocre right now, not gaining much traction."

This outcome was unexpected to a number of industry analysts. A survey conducted by Econoday anticipated jobless claims would fall to 377,000 after a range of estimates between 370,000 and 385,000. 

On a local basis, this overall increase was caused by just a handful of markets, the report said. Specifically, 41 states and territories had no change in their jobless claims, while 12 reported significant increases.



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