Economic Report: Jobless claims climb to 245,000 and signal rising layoffs

by | Apr 20, 2023 | Stock Market

The numbers: The number of Americans who applied for unemployment benefits last week rose by 5,000 to 245,000 and pointed to further erosion in what’s been a robust U.S. labor market. New jobless claims increased from a revised 240,000 in the prior week, the Labor Department said Thursday. The figures are seasonally adjusted.

The number of people applying for unemployment benefits is one of the best barometers of whether the economy is getting better or worse. While claims are still low, they have risen from less than 200,000 in January in a sign the labor market is cooling off as higher interest rates dampen U.S. growth. Key details: Thirty-five of the 53 U.S. states and territories that report jobless claims showed a decrease last week. Eighteen posted an increase. Most of the increase in new jobless claims were in New York and Georgia. Other states were little changed. The number of people collecting unemployment benefits in the U.S., meanwhile, jumped by 61,000 to 1.87 million in the week ended April 8. That’s the highest level since November 2021. The gradual increase in these so-called continuing claims suggests it’s taking longer for people who lose their jobs to find new ones. Big picture: Wall Street is wa …

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