Jobless Claims Rise to Highest Level Since January
The US labor market suffered another setback last week, as jobless claims rose sharply, to the highest level since January.
In the week ending April 7, initial jobless claims rose by 13,000 to a seasonally adjusted 380,000, the Labor Department reported Thursday.
The previous week’s level of claims was revised up to 367,000 from a previously reported 357,000. The four-week moving average of claims, which smoothes out week-to-week volatility, is still near a four-year low, increasing by 4,250 to 368,500.
The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending March 31, unchanged from the prior week’s unrevised rate of 2.6 percent.
The level of US weekly claims showed a continued downward trend since last fall, however, job creation slowed significantly in March, as employers added just 120,000 nonfarm jobs, half the number of jobs added in February.
The unemployment rate fell to 8.2% in March, its lowest level in three years.