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US Jobless Claims Skyrockets To Peak Level In Nine Months

Published:

  • US jobless claims have hit the highest level in nine months.
  • The US Labor Department reported initial jobless claims reached 231,000 for the week ended May 4. This reflects an increase of 22,000 from the Dow Jones’ previous estimate of 214,000.
  • While watching the growing US jobless claims, the Federal Reserve officials put an effort to cut down the inflation rate to 2%.

On Thursday, May 9, the US Labour Department reported the spike in jobless claims in the country.

According to the details, jobless claims skyrocketed to 231,000 for the week ended May 4.

The value indicated an increase of 22,000 from the previous estimate of 214,000 by Dow Jones.

Moreover, the report noted that the surge marked the highest levels of jobless claims since August 26, 2023.

A rise in claims comes after a string of strong hiring reports regarding the situation.

However, data from the Labor Department noted a decrease in hiring in April compared to expectations.

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Moreover, job openings have dropped drastically with increasing speculations for a slow in the labor market this year.

Additionally, the report showed that claims increased to 1.78 million for the week ended April 27, 2024.

This reflects a surge of 17,000 from the previous week amid rising layoffs in the country.

Also, the four-week moving average of jobless claims climbed to 215,000, showing a 4,750 rise from the previous week.

Notably, the moving average smooths out weekly volatility in figures.

Federal Reserve Officials Monitor The Trend In US Jobless Claims

It is worth noting that the US Federal Reserve officials monitor the trend in jobless claims in the country.

They’ve put up measures to combat the rising inflation rate, with a target to reduce it to 2%.

Moreover, the Federal Reserve held its meeting last week according to CNBC’s report.

Following the meeting, policymakers acknowledged the rising trend in jobless claims, indicating that “job gains have remained strong.”

However, the release of the April employment report only came after the meeting.

Also, people expect the central bank initiate lower interest rates from September this year.

 

 

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