Analysis: US Initial Jobless Claims Decline, Labor Market Conditions Remain Stable

Odaily Odaily reported that the number of Americans filing new claims for unemployment benefits fell last week, and the unemployment rate in April appeared to remain stable, with the labor market yet to show any substantial impact from the US-Israel war against Iran. Data released by the US Department of Labor on Thursday showed that initial jobless claims for the week ending April 25 stood at 189,000. Despite the oil price shock caused by the Middle East conflict, the labor market continues to maintain a pattern of low hiring and low layoffs.

Nevertheless, economists warn of downside risks as disruptions to shipping through the Strait of Hormuz push up prices for other commodities such as fertilizers, petrochemicals, and aluminum. The number of continuing claims fell by 23,000 on a seasonally adjusted basis to 1.785 million. A survey by the Conference Board on Tuesday showed that the proportion of consumers who said jobs were hard to get fell in April, while the proportion who said jobs were plentiful was largely unchanged. Economists noted that these findings are consistent with the unemployment rate holding steady in April. (Jinshi Data)