US Unemployment Claims Climb to 11-Week High

Source: US Labor Department

Jobless claims in the United States rebounded in the last week of April, hitting the highest level in 11 weeks. QQQ is down 3.97%, while SPY is down 2.84%

• Seasonally adjusted initial claims for the week ending April 30 stood at 200,000, marking an increase of 19,000 from the previous week’s 181,000.
• This is the highest reading in over two months since claims were recorded at 209,000 in the week ending February 12, 2022.
• The four-week moving average grew by 8,000 to 188,000 from the previous week’s upward revised average of 180,000.
• The insured unemployment rate for the week ending April 23 was 1.0%, unchanged from the previous week.
• Insured unemployment was recorded at 1.384 million, down 19,000 from the previous week’s downward revised 1.403 million.
• This is the lowest level for the indicator since January 17, 1970, when it was 1.371 million.
• The biggest gains were in New York, Massachusetts, Connecticut, Georgia, and New Jersey.
• The largest declines were in California, Ohio, Michigan, Washington, and Minnesota.