US initial jobless claims rose by 2,000 in the week ended May 27 to a total of 232,000, the US Department of Labor reported today. The previous week’s level was revised upward by 1,000.

Reuters noted the data suggests that the labor market remains tight despite growing fears of a recession amid higher borrowing costs. Economists polled by the news agency had forecast 235,000 claims for the latest week.

Meanwhile, the four-week moving average of claims fell by 2,500 to a level of 229,500. The previous week’s average was revised by 250.