Weekly jobless claims unexpectedly drop by 16,000
By Associated Press
April 27, 2023 11:31am
Applications for unemployment benefits in the US fell last week as the labor market continues to show strength despite some weakness in other parts of the economy.
The number of Americans filing for jobless claims for the week ending April 22 fell by 16,000 to 230,000, the Labor Department reported Thursday. Economists had expected 248,000 claims in the latest week.
The four-week moving average of claims, which flattens some of the week-to-week volatility, fell by 6,000 to 236,000. At the start of the year, weekly claims were running around 200,000 and they have gradually moved higher.
Overall, 1.86 million people were collecting unemployment benefits the week that ended April 15, 3,000 fewer than the previous week.
The weekly claims numbers are a proxy for layoffs, and continue to show that American workers are enjoying unusual job security despite rising interest rates, economic uncertainty and fears of a looming recession.
The US job market has remained healthy in spite of other weak spots in the broader economy. The unemployment rate came in at 3.5% last month, a tick above January’s half-century low 3.4%. Employers added 236,000 jobs in March, down from 472,000 in January and 326,000 in February, but still strong by historic standards.
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https://nypost.com/2023/04/27/weekly-jobless-claims-unexpectedly-drop-by-16000/
