Initial filings for unemployment benefits have hit their highest level since late August 2023, a potential sign that an otherwise robust labor market is changing.
Jobless claims totaled a seasonally adjusted 231,000 for the week ending on May 4, up 22,000 from the previous period and higher than the Dow Jones estimate for 214,000, the Labor Department reported Thursday.
It was the highest claims number since Aug. 26, 2023.
“Weekly jobless claims are one of the timeliest indicators of when the economy is starting to undergo serious deterioration, and the magnitude of new layoffs this week looks worrisome,” wrote Christopher Rupkey, chief economist at FWDBONDS.
“One week does not a trend make, but we can no longer be sure that calm seas lie ahead for the US economy if today’s weekly jobless claims are any indication.”
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Unfortunately, Unemployment Claims increased significantly this week to 231K versus the consensus forecast of 211K.
I am getting concerned about the latest incoming data on employment.
It is all about the US Consumer. If unemployment rises rapidly above 4%, the economy could quickly spiral into a downturn.
@OriginalBoaLibertarian2yrs2Y
When the Fed needs an excuse to cut, the real data starts coming out.
@ISIDEWITH2yrs2Y
@ISIDEWITH2yrs2Y
@ISIDEWITH2yrs2Y
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