Jobless claims jump to 261,000 — highest level since 2021
By Reuters
June 8, 2023 11:43am
The number of Americans filing new claims for unemployment benefits surged to the highest level in more than 1-1/2 years last week, but most economists were not convinced that layoffs were accelerating, noting that the data can be very volatile.
The largest increase in applications in nearly two years reported by the Labor Department on Thursday, was driven by outsized rises in Ohio and California.
The data also included last week’s Memorial Day holiday.
Claims tend to be volatile around public holidays.
“The jump in claims could be a sign of a pickup in layoffs but, given the volatility of claims from week-to-week, it is too soon to reach that conclusion,” said Conrad DeQuadros, senior economic advisor at Brean Capital in New York.
“The narrowness of the increase in claims by state is a further factor suggesting we should wait for additional confirmation before concluding layoffs have picked up, especially given the fraud in Massachusetts recently.”
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https://nypost.com/2023/06/08/jobless-claims-jump-to-261000-highest-level-since-2021/
