Initial claims for the week ending June 12 increased by 37,000 to 412,000 (Briefing.com consensus 350,000) from last week's downwardly revised level of 375,000 (from 376,000).

Continuing claims for the week ending June 5 increased by 1,000 to 3.518 million from last week's upwardly revised level of 3.517 million (from 3.499 million).

The four-week moving average for initial claims decreased by 8,000 to 395,000, which is the lowest since March 14, 2020.

The four-week moving average for continuing claims decreased by 55,000 to 3,603,750, which is the lowest level since March 21, 2020.

The key takeaway from the report is that it underscores the volatile nature of the current labor market, as claims jumped against expectations for a drop to a new low since the start of the pandemic.