US initial jobless claims rose by 22,000 in the week ended May 6 to a total of 264,000, the US Department of Labor reported today.

This is the highest level for initial claims since Oct. 30, 2021, when it was 264,000.

Mint noted the statistics were higher than all estimates in a Bloomberg survey of economists. It reported more job cuts could be on the horizon as a year’s worth of interest-rate increases by the Federal Reserve and tighter credit conditions continue to weigh on the economy.

Meanwhile, the four-week moving average of initial claims rose by 6,000 to a level of 245,250.