Last week saw a significant surge in Americans filing for unemployment benefits, marking the highest level in over eight months and raising concerns about a potential cooling of the robust US labor market.
According to the latest report from the Labor Department on Thursday, unemployment claims for the week ending May 4 increased by 22,000 to reach 231,000, up from 209,000 the week prior. While this uptick represents the largest number of claims since August 2023's final week, it's important to note that the overall level of layoffs remains relatively low, offering some reassurance.
The four-week average of claims, which helps smooth out weekly fluctuations, also saw a rise of 4,750 to settle at 215,000.
Weekly unemployment claims serve as a barometer for assessing the frequency of layoffs in the US job market, offering insights into its trajectory. Since the massive job losses during the spring of 2020 amid the pandemic, these claims have consistently held a ...
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