Analysis: U.S. initial jobless claims decline, labor market conditions remain stable

Odaily News The number of Americans filing new claims for unemployment benefits fell last week, and the unemployment rate in April appeared to remain stable. The labor market has yet to show any substantial impact from the U.S.-Israel strikes on Iran. Data released by the U.S. Department of Labor on Thursday showed that initial jobless claims for the week ending April 25 came in at 189,000. Despite the oil price shock caused by the Middle East conflict, the labor market continues its pattern of "low hiring, low layoffs."

Nevertheless, economists warn of downside risks due to disruptions in shipping through the Strait of Hormuz, which have pushed up prices of other commodities such as fertilizers, petrochemicals, and aluminum. The number of continuing claims, adjusted for seasonal factors, fell by 23,000 to 1.785 million. A survey by the Conference Board on Tuesday showed that the proportion of consumers who believe jobs are "hard to get" fell in April, while the share of those who believe jobs are "plentiful" remained largely unchanged. Economists say these findings are consistent with the unemployment rate holding steady in April. (Jin Shi)