Surprising Spike: US Jobless Aid Filings Rise Amid Economic Stability
US jobless aid applications increased by 14,000 last week to 240,000, defying predictions. Despite some uncertainty, American workers largely remain secure. The four-week average decreased slightly to 230,750. Total benefits recipients rose by 26,000 to 1.92 million. Filings represent US layoffs which remain stable post-COVID-19.
- Country:
- United States
Filings for US jobless aid saw an unexpected jump last week, raising economic concerns despite overall employment stability. Applications rose by 14,000, reaching a total of 240,000 for the week ending May 24, surpassing analysts' forecasts of 226,000, as reported by the Labour Department on Thursday.
These jobless benefits applications are crucial indicators of US layoffs, which have remained in a healthy bracket of 200,000 to 250,000, a stark contrast to the massive job losses during the COVID-19 pandemic in 2020. Unemployment claims are a key metric of labor market health and continue to be closely monitored.
The four-week average, which offers a more stable picture by smoothing out weekly fluctuations, modestly decreased by 250 to 230,750. Meanwhile, the number of American workers receiving unemployment aid rose by 26,000 to a total of 1.92 million for the week of May 17, reflecting ongoing workforce adjustments.
(With inputs from agencies.)
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