Weekly Unemployment Creeping: Increased Upward 184,000 vs. 180,000 Expected

WASHINGTON, D.C. (April 21, 2022)— the U.S. Labor Department   released its latest weekly jobless claims report  Thursday.  The weekly unemployment claims creeped upward but  remains near their lowest levels since the 1960s, with a strong labor market and improving levels of unemployment remaining a bright spot in the U.S. economy. 

Here were the main metrics from the print, compared to consensus estimates compiled by Bloomberg:

  • Initial jobless claims, week ended April 16: 184,000 vs. 180,000 expected and an upwardly revised 186,000 during prior week

  • Continuing claims, week ended April 9: 1.417 million vs. 1.459 million expected and an unrevised 1.475 million during prior week

First-time filings for unemployment benefits remained below 200,000 for a ninth consecutive week. As of last week, the four-week moving average for new jobless claims, which smooths out volatility in the weekly data, stood at just 177,250. Throughout 2019 before the pandemic, new claims averaged about 218,000 per week. And last month, jobless claims reached their lowest level since 1968 at 166,000.

Continuing claims, which tally the number of Americans collecting benefits for multiple weeks, have also declined sharply to reach multi-decade lows. These came in below 1.5 million for a back-to-back week to reach their lowest level since 1970.

The weekly jobless claims data have served as an ongoing reminder of the tightness in the current labor market. Job openings have far outpaced new hires — a phenomenon many companies this quarterly earnings season have been quick to acknowledge.

“Transportation and labor markets remain tight,” Andre Schulten, Procter & Gamble chief financial officer, said during the company’s earnings call Wednesday morning. “Labor availability is certainly a stretch, not for P&G directly, but more for our supplier base.”

“Biden just broke another record, leaving Americans saddled with 8.5 percent inflation — energy alone is up 32 percent since last year,” wrote Fox News.

“When our leaders don’t learn the lessons of the past, “history does not repeat itself, but it does rhyme.” President Biden’s actions to date appear to be directly taken from President Carter’s playbook’, Fox News wrote.

“Excessive spending and anti-supply-side policies have contributed to the worst inflation since the Carter era. Instead of invading Afghanistan, the Russians have invaded another neighbor: Ukraine. But they were emboldened to do so by President Biden’s disastrous withdrawal from the same country — Afghanistan — where the Soviets were mired in a war they couldn’t win. And, of course, we have disastrous energy policies reminiscent of the Carter era, leading to record high prices at the pump and a major missed opportunity to bring stability to Europe,” wrote Fox News

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Source: Fox News and Yahoo Finance reporting.

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