Analysis: U.S. Initial Jobless Claims Rose Last Week, But Still at Low Levels

Odaily News According to data from the U.S. Department of Labor, for the week ending April 4th, U.S. initial jobless claims increased by 16,000, reaching 219,000 after seasonal adjustments. Economists had previously forecast 210,000. The low level of layoffs provides support for the labor market, with no current signs that employers are cutting jobs due to oil price shocks triggered by the U.S.-Israel war with Iran. The labor market has entered what economists describe as a "low hiring, low firing" state, which they attribute to uncertainty stemming from Trump's import tariffs and large-scale deportations. Although non-farm payrolls rebounded by 178,000 in March, the average duration of unemployment for job seekers reached 11.4 weeks, the longest level in nearly four and a half years. Continuing jobless claims fell to 1.794 million, but this may be because people have exhausted their unemployment benefit eligibility, as most states limit benefits to 26 weeks. (Jin10)