US filings for jobless aid fell to 209,000 last week as layoffs remain low despite economic uncertainty
The four-week average also edged down to 202,500, while analysts had forecast 213,000 new applications, the Labor Department said.
- U.S. applications for unemployment benefits for the week ending May 16 fell by 3,000 to 209,000, the Labor Department reported Thursday, beating the 213,000 applications forecast by FactSet.
- Since the U.S. economy emerged from the pandemic recession, weekly jobless aid applications have stabilized between 200,000 and 250,000, with the labor market stuck in what economists call a "low-hire, low-fire" state.
- Hiring began slowing about two years ago, tapered by President Donald Trump's tariff rollouts and federal workforce purge, while Verizon, UPS, Amazon, Disney and Walmart have cut jobs recently.
- Though employers delivered 115,000 new jobs in April, the Iran war has injected uncertainty into the broader economy, with oil prices spiking more than 50% to $4.56 per gallon, keeping inflation above the Federal Reserve's 2% goal.
- Instability in the Middle East has closed the Strait of Hormuz, where one-fifth of the world's oil travels through; consequently, Fed policymakers are willing to consider an interest rate hike this year to combat still-elevated inflation.
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What The Latest Unemployment Data Says About The U.S. Economy
Fewer Americans filed for unemployment benefits last week as layoffs remained historically low despite growing economic uncertainty tied to inflation, high fuel prices and the ongoing Iran conflict. According to the U.S. Labor Department, new jobless claims fell by 3,000 to 209,000 for the week ending May 16, below analyst expectations. Economists described the labor market as being stuck in a “low-hire, low-fire” environment, where companies ar…
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U.S. Jobless Claims Fall as Employers Hold Back on Layoffs Despite Economic Pressures
Fewer Americans filed for unemployment benefits last week, offering another sign that layoffs across the United States remain historically low even as mounting geopolitical tensions, ... The post U.S. Jobless Claims Fall as Employers Hold Back on Layoffs Despite Economic Pressures first appeared on [your]NEWS.
Pittsburgh Post-Gazette
The Tribune-DemocratU.S. jobless aid filings fell to 209,000 last week as layoffs remain low despite economic uncertainty
Fewer Americans filed for jobless aid last week as layoffs remain low despite a number of uncertainties that continue to cloud the economy. U.S. applications...
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