Claims data/What Challenger said/Trade deficit stats

For the 2nd week in a row initial jobless claims popped above expectations. For the week ended May 31st they totaled 247k, 12 more than expected and follows 239k last week (revised down by 1k). The 4 week average shifted up to 235k from 231k and that is the most since late October. Continuing claims were 1.904mm, about as forecasted and down 3k w/o/w but still around the highest since November 2021.

Also, Challenger reported its monthly job cut/hire data and said job cuts were up by 47% y/o/y. They said, “Tariffs, funding cuts, consumer spending, and overall economic pessimism are putting intense pressure on companies’ workforce. Companies are spending less, slowing hiring, and sending layoff notices.”