The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve’s rate hikes are beginning to cool a still-strong labor market. kprc2 click2hou us
A hiring sign is displayed at a retail store in Downers Grove, Ill., Wednesday, April 12, 2023. On Thursday, the Labor Department reports on the number of people who applied for unemployment benefits last week.
The four-week moving average of claims, which smooths out some of the week-to-week volatility, rose by 8,500 to 255,750. That’s the highest level since November of 2021. “Overall, the pace of claims is accelerating slightly higher, and most indications suggest this time could prove more lasting than earlier in the year when fraud in some states gave us a false indication of a resurgence in claims,” Contingent Macro Advisors wrote in a note to clients.
from January through March as businesses wary of an economic slowdown trimmed their inventories. That’s a slight upgrade from its initial growth estimate of 1.1%.
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