US unemployment applications increase slightly
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The news: US jobless claims rose marginally last week, with initial applications increasing by 6,000 to 223,000, slightly higher than expected.
The numbers: Economists polled by Reuters had forecast 220,000 claims for the week ending 18 January.
The four-week moving average of new claims rose to 213,500. Despite these increases, new applications remain near pre-pandemic levels, suggesting a stable labour market overall.
Continuing claims climbed to 1.9 million, the highest level since November 2021, showing more individuals are struggling to find work.
The context: Economists are monitoring labour data closely due to recent wildfires in California, adverse weather conditions, and President Donald Trump’s cuts to federal-government jobs possibly impacting employment figures.
Data earlier this month showed job growth remained robust in December, with nonfarm payrolls increasing by 256,000 jobs and the unemployment rate falling to 4.1%.
The sources: US Department of Labor , Reuters
