Unemployment claims rise to highest level in 8 months, signaling slowdown in job market

Initial claims for U.S. unemployment benefits last week rose to their highest level in eight months, a sign the labor market might be losing steam as concerns over tariffs take hold of U.S. businesses and consumers. 

New applications for jobless benefits in the week ending May 31 reached 247,000, up 8,000 from the week prior, data from the Labor Department shows. The figure exceeded economists' predictions of 235,000 claims, according to financial data firm FactSet. 

Overall filings for unemployment claims remain at historic lows. The total number of Americans receiving unemployment benefits for the week of May 24 was 1.9 million, down 3,000 from the week prior.