More Americans filed for jobless claims last week, adding to the signals that the US economy could be slowing.
- There were 218,000 new initial claims for unemployment insurance last week, a 21,000 increase on the prior week and more than expected.
- That figure indicates that more firms may have laid off staff as rising inflation pressures hurt businesses.
- The initial claims total has been moving higher in recent weeks after reaching the lowest since 1969 in March. The prior week’s total has been revised down, from 203,000 to 197,000.
The number of people receiving benefits after an initial week of aid dropped by 25,000 to 1.317 million during the week closing on May 7. That was the lowest level of continuing claims since December 1969.
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Source: US Department of Labor