U.S. initial jobless claims have topped 200,000 for nine straight weeks, based on a change in how the government adjusts for seasonal fluctuations in hiring. Initial jobless claims fell to 228,000 in the week ended April 1 from a revised 246,000 the previous week.
U.S. initial jobless claims have topped 200,000 for nine straight weeks, based on a change in how the government adjusts for seasonal fluctuations in hiring.
Initial jobless claims fell to 228,000 in the week ended April 1 from a revised 246,000 the previous week.
The government had previously estimated initial jobless claims at just 198,000 in the final week of March.
However, a change to the seasonally adjusted formula now shows that initial jobless claims in early 2023 are much higher than previously reported. This may reflect a wave of corporate layoffs not previously shown in the data.
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U.S. initial jobless claims have topped 200,000 for nine straight weeks, based on a change in how the government adjusts for seasonal fluctuations in hiring.
Initial jobless claims fell to 228,000 in the week ended April 1 from a revised 246,000 the previous week.
The government had previously estimated initial jobless claims at just 198,000 in the final week of March.
However, a change to the seasonally adjusted formula now shows that initial jobless claims in early 2023 are much higher than previously reported. This may reflect a wave of corporate layoffs not previously shown in the data.
Initial jobless claims are one of the best indicators of whether the economy is doing well or not.
The number of new jobless claims remains fairly low, but not as low as it appears.
Economists polled by The Wall Street Journal had forecast 200,000 initial jobless claims for the week ended April 1.
Wall Street is closely watching the initial jobless claims data because it is one of the first warning signs that the U.S. is headed for recession.
The level of the data is still low, indicating that the economy is outside the danger zone. However, rising interest rates, persistently high inflation and more stress on the U.S. financial system could undermine growth and prompt more layoffs.
(This article is translated from MarketWatch)
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