Stock market today: Dow, S&P 500, Nasdaq futures waver after House gives green light to Trump's tax bill

Signs of softening in the US labor market continue.

The weekly report on initial jobless claims released Thursday showed the number of Americans filing for unemployment insurance on a continuing basis totaled 1.9 million, bringing the 4-week moving average of continuing claims to 1,887,500, the highest since November 2021.

For the week ended May 17, initial jobless claims totaled 227,000, which continues to suggest there is no nascent surge in new layoffs.

But the steady rise in the number of people claiming unemployment benefits over time shows the labor market remains “low hire, low fire,” a fine situation for those with a job but a deteriorating situation for those out of work.