Weekly US jobless claims rise by slightly more than anticipated
By Alexander Bueso
Date: Thursday 04 May 2023
(Sharecast News) - US jobless claims rose moderately during the preceding week.
According to the US Department of Labor, in seasonally adjusted terms, first time unemployment claims increased by 13,000 to 242,000 over the week ending on 29 April.
Economists had penciled-in a reading of 236,000.
The four-week moving average meanwhile dipped by 1,000 to 229.000.
Secondary jobless claims, which are those that are not being filed for the first time and referencing the week ending on 22 April, fell by 38,000 to reach 1.805m.
"Elsewhere, the rebound in initial jobless claims reverses most of the unexpected drop last week; the weekly data are erratic. The trend in claims is rising, lagging the surge in layoff announcements in the usual way," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
"[...] Firms facing much tighter bank credit conditions will have to cut variable costs, of which labor and inventory are the key elements."
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