US initial jobless claims remained unchanged in the week ended June 17 from the previous week at 264,000, the US Department of Labor reported today. However, the previous week’s level was revised upward by 2,000.

Economists polled by Reuters had forecast 260,000 claims for the latest week.

The number of people filing for state unemployment benefits for the first time held steady at a 20-month high last week, remaining elevated for a third straight week in what may be an early indication of a softening labor market in the face of the Federal Reserve’s aggressive credit tightening, Reuters reported.

Meanwhile, the four-week moving average of claims rose by 8,500 to a level of 255,750. This is the highest level for this average since November 2021.