US jobless claims rise to 419,000 from a pandemic low

US jobless claims rise to 419,000 from a pandemic low

US jobless claims rise to 419,000 from a pandemic low WASHINGTON (AP) — The number of Americans seeking unemployment benefits rose last week from the lowest point of the pandemic, even as the job market appears to be rebounding on the strength of a reopened economy. The Labor Department said Thursday that jobless claims increased last week to 419,000, the most in two months, from 368,000 the previous week. The number of first-time applications, which generally tracks layoffs, has fallen steadily since topping 900,000 in early January. Economists characterized last week’s increase as most likely a blip caused by some one-time factors and partly a result of the inevitable bumpiness in the week-to-week data. Applications for jobless aid jumped last week, for example, in Michigan, where GM has announced that it’s shutting down truck production because of supply shortages. “I do not worry that this reading signals a sudden weakening in labor demand,” said Stephen Stanley, an economist at Amherst Pierpont Securities. “In fact, I am quite confident that it does not.” Americans are shopping, traveling and eating out more …
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