Applications for US unemployment benefits rose more than expected in light of layoffs in the technology and banking sectors.
Labor Department data showed today, May 11, that initial jobless claims added 22,000 applications to a seasonally adjusted 264,000 in the week ended May 6 — the highest level since October 30, 2021.
Economists polled by Reuters had projected 245,000 claims for this week, from the previous week's unadjusted data of 242,000.
The four-week moving average for new claims, a better measure of labor market trends as it irons out weekly fluctuations, climbed 6,000 from last week's unadjusted average of 239,250 applications.
|
Weekly US Jobless Claims |
||||
|
Item |
Last Year |
Previous Week |
Latest Week |
Change |
|
Initial Claims (‘000) |
210.0 |
242.0 |
264.0 |
+22 |
|
Four-Week Average (‘000) |
213.0 |
239.25 |
245.25 |
+6 |
|
Total Beneficiaries (mln) |
1.457 |
1.801 |
1.813 |
+0.012 |
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