US jobless claims rise to highest in nine months, led by California
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Initial applications for US unemployment benefits increased by 13,000 to 242,000 in the week ended June 8, the highest level in nine months. The rise was led by a large increase in California. The US unemployment rate rose to 4% last month, reflecting people returning to the workforce and not finding a job. Layoffs, however, have remained subdued. New claims before adjustment for seasonal influences rose by 38,530 to 234,707 last week. The four-week moving average increased to 227,000, the highest since September. Continuing claims rose to 1.82 million in the week ended June 1. Federal Reserve Chair Jerome Powell said the labor market remains strong but is gradually cooling with supply and demand coming into better balance.

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