Connect With PPD
Follow Us:
Sections: Economy

First-Time Jobless Claims Unexpectedly Rise, Prior Week Revised Higher

The Labor Department said on Thursday first-time jobless claims rose for the week ending May 23 by 7,000 to a seasonally adjusted 282,000. Claims for the prior week were revised to show 1,000 more applications received than previously reported.

Economists polled by Reuters had forecast claims slipping to 270,000 last week. A Labor Department analyst said there was nothing unusual in the state-level data.

The four-week moving average of claims — which is widely considered to a better measure of labor market trends, as it irons out week-to-week volatility — increased 5,000 last week to 271,500. The four-week moving average of continuing claims declined 70,250 between the April and May survey periods, which typically indicates a further drop in the unemployment rate from a near seven-year low of 5.4 percent last month.

However, labor force participation continues to be a major driver of falling unemployment, not a solid labor market. The number of people still receiving benefits after an initial week of aid actually rose by 11,000 to 2.22 million in the week ended May 16.

“The State of the Unemployed,” a Harris survey of 1,553 working-age Americans conducted for Express Employment Professionals, found that 40 percent of unemployed Americans have completely given up looking for work.

READ FULL STORY

SubscribeSign In
PPD Business Staff

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

Share
Published by
PPD Business Staff

Recent Posts

Media’s Worst Russian Collusion Sins May Soon Be Repeated

The most damning journalistic sin committed by the media during the era of Russia collusion…

1 year ago

Study: Mask-Mandates and Use Not Associated With Lower Covid-19 Case Growth

The first ecological study finds mask mandates were not effective at slowing the spread of…

3 years ago

Barnes and Baris on Big Tech’s Arbitrary Social Media Bans

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…

4 years ago

Barnes and Baris on Why America First Stands With Israel

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…

4 years ago

Personal Income Fell Significantly in February, Consumer Spending Weaker than Expected

Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…

4 years ago

Study: Infection, Vaccination Protects Against Covid-19 Variants

Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…

4 years ago

This website uses cookies.