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U.S. initial jobless claims rise modestly in April reversing March weakness

Initial jobless claims in the U.S. for the week ended 15 April increased by 10,000 to 244,000, consistent with consensus expectations of claims rising modestly to 240,000. The four-week moving average initial claims dropped to 243k from 247k from the previous week. The week ended 15 April is the survey week for the April employment report. The reading of 244,000 suggests a rebound over the March survey week that had recorded initial claims of 261k. The four-week moving average figure also shows an improvement in the March survey week.

The data for initial claims had softened modestly in March as compared with the previous month. This softness seems to have reversed as both the weekly claims data and the four-week moving average for the week ended 15 April are at the similar levels to the ones seen in the February survey week, noted Barclays in a research report.

Meanwhile, continuing claims dropped below 2 million for the second consecutive time in the recovery. For the week ended 8 April, continuing claims came in at 1.979 million, their lowest level since the week ended 27 May 2000. The insured jobless rate also dropped by one-tenth in the week to 1.4 percent, matching its lowest reading in the current recovery, stated Barclays.

In all, initial and continuing jobless claims data has not altered the picture of a healthy labor market in the U.S. According to Barclays, the March data suggests that labor market conditions were stable and the momentum decelerated.

“Since mid-2016, labor market conditions have improved steadily and are now in line with levels last reached in 2006-07. At the average monthly rate of improvement over the past two years, labor market conditions would return to the 2000 peak in about 18 months”, added Barclays.

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Fintech Week Chicago

April 28 21:00 UTC Released

MXFiscal Balance (Pesos)*

Actual

340.61 bln MXN

Forecast

Previous

-1.93 bln MXN

April 28 21:00 UTC Released

CNFiscal Balance (Pesos)*

Actual

340.61 bln MXN

Forecast

Previous

-1.93 bln MXN

April 30 01:00 UTC 569569m

CNNBS Non-Mfg PMI*

Actual

Forecast

Previous

55.10 %

April 30 01:00 UTC 569569m

CNNBS Manufacturing PMI*

Actual

Forecast

51.6 bln $

Previous

51.8 bln $

April 30 23:30 UTC 19191919m

AUAIG Manufacturing Index

Actual

Forecast

Previous

57.5 %

May 1 00:00 UTC 19491949m

KRExport Growth Prelim*

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Forecast

15.3 %

Previous

13.6 %

May 1 00:00 UTC 19491949m

KRImport Growth Prelim*

Actual

Forecast

21.0 %

Previous

27.7 %

May 1 00:00 UTC 19491949m

KRTrade Balance Prelim*

Actual

Forecast

Previous

6.27 bln $

May 1 00:30 UTC 19791979m

USNikkei Mfg PMI

Actual

Forecast

Previous

52.8 %

May 1 00:30 UTC 19791979m

JPNikkei Mfg PMI

Actual

Forecast

Previous

52.8 bln $

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