U.S. Jobless Claims Surge by 22,000 to 231K, Highest Since August

May 9, 2024, 01:01 PM

U.S. initial jobless claims for the week ending May 4 surged by 22,000 to 231,000, significantly exceeding expectations and marking the highest level since August 2023. Analysts had anticipated a figure of around 212,000, following the previous week's 209,000. This unexpected rise in unemployment claims suggests a potential softening of the labor market. The 4-week average for jobless claims also increased to 215,000. Meanwhile, continuing jobless claims saw a slight increase, reaching 1.785 million compared to the previous week's 1.774 million and slightly below the forecast of 1.782 million.