US unemployment claims rise more than expected
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The news: US weekly jobless claims increased ahead of expectations last week, rising to their highest level since February.
The numbers: Initial applications for US unemployment benefits increased by 18,000 to 241,000 in the week ending 26 April, ahead of the 223,000 applications forecast for that period.
The data released by the US Labor Department saw unadjusted claims increase by 12,901 during the week.
Continued claims, a proxy for individuals receiving unemployment benefits, climbed to 1.92 million in the week ending April 19. The figure, which exceeded estimates, is the highest since rate reached 2021 and suggests it is taking people longer to find work.
The context: The US jobs market has been fairly stable this year, but should jobless claims continue or sustain their rise it may indicate weakening in the job market.
The new research comes one day after ADP data showed that private payrolls grew by just 62,000 in April, far fewer than the 115,000 expected by economists and below the 147,000 new jobs added in March.
The sources: US Department of Labor, ADP Research
