US jobless claims edged higher for a second week in a row, the Labor Department reported on Thursday, as job openings appeared limited by a so-called maximum employment situation
WASHINGTON (Pakistan Point News / Sputnik - 12th May, 2022) US jobless claims edged higher for a second week in a row, the Labor Department reported on Thursday, as job openings appeared limited by a so-called maximum employment situation.
"In the week ending May 7, the advance figure for seasonally adjusted initial claims was 203,000, an increase of 1,000 from the previous week's revised level," the Labor Department said in a news release. In the previous week to April 20, jobless claims rose by 2,000.
Economists had anticipated 192,000 claims for the week ending May 7, bringing the reported number some 4,000 higher than forecast.
Claims are "marginally higher from (their) lows, but still at 200,000 (are) at very low levels," economist Greg Michalowski said in a comment posted on the ForexLive platform.
Unemployment in the United States reached a record high of 14.8% in April 2020, with the loss of some 20 million jobs in the aftermath of the coronavirus breakout. Jobs recovery has, however, been strong over the past year, with the unemployment rate steadying at 3.6% for both March and April this year. The Federal Reserve defines a jobless rate of 4% and below as "maximum employment."
Private sector employers in the United States added 247,000 jobs in April, just about half of March levels and the smallest in two years as the labor market hovered at full employment, private payrolls processor ADP said on Wednesday.
