Jobless Claims Stable

Americans filed 214,000 new unemployment claims last week, a small increase that kept layoffs near historically low levels. (dol.gov) The Labor Department said Thursday, April 23, that seasonally adjusted initial claims rose by 6,000 in the week ended April 18. The prior week was revised up to 208,000 from 207,000. (dol.gov) Economists surveyed by Reuters had expected 210,000 claims. Bloomberg said its median forecast was also 210,000. (reuters.com ) (bloomberg.com) The four-week moving average, which smooths out weekly swings, rose by 3,500 to 210,750. Continuing claims, a measure of people still receiving benefits after an initial week, increased by 41,000 to 1.885 million for the week ended April 11. (dol.gov) Jobless claims track new filings for unemployment insurance, so they are watched as an early signal on layoffs. Readings near 214,000 are consistent with a labor market that is cooling slowly rather than shedding jobs quickly. (dol.gov) (reuters.com) That fits with the broader March jobs report, which showed nonfarm payrolls increased by 228,000 while the unemployment rate edged up to 4.2%. Those figures pointed to hiring that was still growing even as labor-market slack increased modestly. (bls.gov) For workers, that mix can mean fewer layoffs without an easier search for a new job. Reuters reported that continuing claims near 1.89 million suggested some unemployed people were taking longer to find work. (reuters.com) For the Federal Reserve, claims near current levels do not add much evidence of a sudden downturn ahead of its next rate decision. The data instead extend a run of labor-market reports showing employers are cutting cautiously and hiring selectively. (apnews.com)