Weekly jobless claims jump to 231,000, the highest since August
Last edited Thu May 9, 2024, 12:20 PM - Edit history (1)
Source: CNBC
Published Thu, May 9 2024 8:32 AM EDT Updated An Hour Ago
Initial filings for unemployment benefits have hit their highest level since late August 2023, a potential sign that an otherwise robust labor market is changing.
Jobless claims totaled a seasonally adjusted 231,000 for the week ending on May 4, up 22,000 from the previous period and higher than the Dow Jones estimate for 214,000, the Labor Department reported Thursday. It was the highest claims number since Aug. 26, 2023. The increase in claims follows a string of mostly strong hiring reports, though hiring in April was light compared with expectations. Also, job openings have been declining amid expectations that the labor market is likely to slow through the year.
The report also showed that continuing claims, which run a week behind, increased to 1.78 million, up 17,000 from the previous week. The four-week moving average of claims, which helps smooth out weekly volatility in numbers, increased to 215,000, up 4,750 from the previous week.
“Weekly jobless claims are one of the timeliest indicators of when the economy is starting to undergo serious deterioration, and the magnitude of new layoffs this week looks worrisome,” wrote Christopher Rupkey, chief economist at FWDBONDS. “One week does not a trend make, but we can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”
Read more: https://www.cnbc.com/2024/05/09/weekly-jobless-claims-jump-to-231000-the-highest-since-august.html
Article updated.
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Initial filings for unemployment benefits hit their highest level since late August 2023 in a potential sign that an otherwise robust labor market is changing.
Jobless claims totaled a seasonally adjusted 231,000 for the week ended May 4, up 22,000 from the previous period and higher than the Dow Jones estimate for 214,000, the Labor Department reported Thursday. It was the highest claims number since Aug. 26, 2023.
The increase in claims follows a string of mostly strong hiring reports, though hiring in April was light compared to expectations. Also, job openings have been declining amid expectations that the labor market is likely to slow through the year.
Along with the move higher in layoffs, the report showed that continuing claims, which run a week behind, increased to 1.78 million, up 17,000 from the previous week. The four-week moving average of claims, which helps smooth out weekly volatility in numbers, increased to 215,000, up 4,750 from the previous week.
Initial filings for unemployment benefits hit their highest level since late August 2023 in a potential sign that an otherwise robust labor market is changing.
Jobless claims totaled a seasonally adjusted 231,000 for the week ended May 4, up 22,000 from the previous period and higher than the Dow Jones estimate for 214,000, the Labor Department reported Thursday.
The increase in claims follows a string of mostly strong hiring reports, though hiring in April was light compared to expectations. Also, job openings have been declining amid expectations that the labor market is likely to slow through the year.
Along with the move higher in layoffs, the report showed that continuing claims, which run a week behind, increased to 1.78 million, up 17,000 from the previous week. The four-week moving average of claims, which helps smooth out weekly volatility in numbers, increased to 215,000, up 4,750 from the previous week.
Initial filings for unemployment benefits hit their highest level since late August 2023 in a potential sign that an otherwise robust labor market is changing.
Jobless claims totaled 231,000 for the week ended May 4, up 22,000 from the previous period and higher than the Dow Jones estimate for 214,000, the Labor Department reported Thursday.
The increase in claims follows a string of mostly strong hiring reports, though hiring in April was light compared to expectations. Also, job openings have been declining amid expectations that the labor market is likely to slow through the year.
Along with the move higher in layoffs, the report showed that continuing claims, which run a week behind, increased to 1.78 million, up 17,000 from the previous week. The four-week moving average of claims, which helps smooth out weekly volatility in numbers, increased to 215,000, up 4,750 from the previous week.
This is breaking news. Please check back for updates.
Initial filings for unemployment benefits hit their highest level since late August 2023 in a potential sign that an otherwise robust labor market is changing.
Jobless claims totaled 231,000 for the week ended May 4, up 22,000 from the previous period and higher than the Dow Jones estimate for 214,000, the Labor Department reported Thursday.
This is breaking news. Please check back for updates.
Initial filings for unemployment benefits hit their highest level since late August2023 in a potential sign that an otherwise robust labor market is changing.
Jobless claims totaled 231,000 for the week ended May 4, up 22,000 from the previous period and higher than the Dow Jones estimate for 214,000, the Labor Department reported Thursday.
This is breaking news. Please check back for updates.
Original article -
This is breaking news. Please check back for updates.
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