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Wednesday, June 19, 2024
HomeNewsEconomyWeekly Jobless Claims Rise For Third Consecutive Week

Weekly Jobless Claims Rise For Third Consecutive Week

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Labor Department reports on weekly jobless claims, otherwise known as first-time jobless claims. (Photo: Reuters)

The Labor Department reported Thursday that weekly jobless claims rose for the third consecutive week, increasing by 1,000 to a seasonally adjusted 295,000. The number of Americans seeking first-time unemployment benefits, which gauges layoffs across the U.S., surpassed economists’ expectation of 290,000 for the week ended April 18.

Claims for the prior week were not revised from the initially reported 294,000, and claims have risen 3 out of the prior 4 weeks since the Labor Department changed their method for calculating weekly jobless claims for first-time unemployment benefits.

Still, the four-week moving average of claims, which is considered a better measurement as it irons out weekly volatility, rose by 1,750 to 284,500. When the average rises above 300,000, it is a concerning sign in the labor market.

The economy added 126,000 jobs in March, far below the average 269,000 jobs created in the prior 12 months, and wage growth continues to stagnate.

The Labor Department report found the number of continuing claims for unemployment benefits rose by 50,000 to 2.33 million for the week ended April 11. Continuing claims are reported with a one-week lag. The total number of people claiming benefits in all programs for the week ending April 4 was 2,434,208, a significant number but still lower than the 2,922,195 in the year prior.

The Labor Department said there were no special factors impacting the latest claims data, but figures for Puerto Rico were estimated due to a holiday in that territory.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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