The US labor market is showing signs of slowing down as weekly claims for unemployment benefits hit their highest level in two months. According to data from the Department of Labor, 241,000 initial jobless claims were filed in the week ending April 26, exceeding economists’ expectations. This marks a significant increase from the previous week’s 223,000 claims.
The number of Americans filing for unemployment insurance on an ongoing basis also reached its highest level since November 2021, with 1.916 million continuing claims filed. Economists see this as a sign that those out of work are taking longer to find new jobs.
The data comes amid concerns about the impact of President Trump’s tariffs on the economy. While initial claims remain below levels seen during previous economic downturns, recent data has shown signs of cooling in the labor market.
Private payrolls grew by just 62,000 in April, far fewer than expected, and job openings in March hit their lowest level since September 2024. The ratio of job openings to unemployed workers fell to 1.02% in March, a level not seen since December 2020.
The government’s monthly jobs report is due out on Friday, with expectations that 135,000 nonfarm payroll jobs were added to the US economy last month while unemployment held steady at 4.2%.
Source: https://finance.yahoo.com/news/continuing-jobless-claims-reach-highest-level-since-november-2021-initial-claims-hit-2-month-high-130327426.html