Little-Changed Jobless Claims Signal Solid Labor Market
U.S. jobless-benefit claims are hovering near levels that continue to reflect a strong labor market, with figures little changed last week, Labor Department data showed May 25.
Highlights of Jobless Claims
• Initial benefit filings increased 1,000 to 234,000 (forecast was 238,000).
• Continuing claims rose 24,000 to 1.923 million in week ended May 13.
• Four-week average of initial claims, a less-volatile measure than the weekly figure, decreased to 235,250 from 241,000 in the prior week.
Key Takeaways
Even with the slight uptick in jobless claims, the average over the past month is at its lowest level since 1973. Employers remain optimistic and are choosing to retain rather than fire staff, despite lackluster economic growth in the first three months of the year. That indicates the labor market remains solid and will contribute to a U.S. economy that’s widely expected to accelerate in the second quarter.
Other Details
• Previous week’s initial claims revised to 233,000 from 232,000.
• Unemployment rate among people eligible for benefits unchanged at 1.4% .
• Louisiana and North Dakota had estimated claims last week.
