US initial jobless claims hit three-month high

(Sharecast News) - Americans lined up for unemployment benefits at an accelerated pace in the week ended 26 April, according to the Department of Labor. Initial jobless claims rose by 18,000 on a seasonally adjusted basis to 241,000, the highest since February and much higher than expectations for a reading of 224,000. On a non-seasonally adjusted basis, initial claims increased by 12,901 to 223,614, with notable increases in New York and Massachusetts.

Outstanding claims rose by 83,000 to 1.91m, the highest since November 2021 and also ahead of market expectations of 1.86m, while the four-week moving average came to 226,000, an increase of 5,500 week-on-week.

Initial unemployment claims filed under programs for Federal government employees, closely watched due to recent firings by the Department of Government Efficiency, fell by 187 people to 470.





Reporting by Iain Gilbert at Sharecast.com