US jobless aid filings, a proxy for layoffs, hit highest level since Iran war began in February

WASHINGTON (AP) — The number of Americans filing for jobless aid hit their highest level in four months last week, but layoffs remain historically low despite ongoing economic uncertainty brought on by the war in Iran.

U.S. applications for unemployment benefits for the week ending May 30 increased by 13,000 to 225,000, the Labor Department reported Thursday. That’s the most since early February, before the U.S. and Israel launched attacks on Iran, but still a historically low level. Analysts surveyed by FactSet expected 211,000 new applications.

Weekly filings for unemployment benefits are considered a proxy for U.S. layoffs and are close to a real-time indicator of the health of the job market.

Despite historically low layoffs, the labor market seems to be mired in what economists call a “low-hire, low-fire”<...