US jobless aid filings, a proxy for layoffs, hit highest level since Iran war began in February

U.S. jobless aid filings reached their highest level in four months in early June 2025, with 225,000 new applications, amid economic uncertainty linked to the war in Iran. Despite historically low layoffs, the labor market remains in a 'low-hire, low-fire' state, with the unemployment rate at 4.3%. The closure of the Strait of Hormuz, rising oil and gas prices, and inflation above the Federal Reserve’s target are complicating economic conditions.