Source: US Department of Labor
Applications for US state unemployment insurance claims increased more than expected last week, possibly a blip in a tight and rebounding labor market. DXY up +0.49%, EUR USD down -0.73%
- The initial unemployment claims rose by 14,000 to 202,000 in the week ended March 26. The average estimate from a Bloomberg survey of economists was 196,000.
- Continuing claims for state benefits dropped to 1.3 million in the week closing March 19.
- The jump in applications signals the choppiness of the weekly data as employers are struggling to hold onto workers and attract new ones.
- Unemployment claims have been falling for the most part of the New Year as declining Covid-19 cases, and combined impacts of falling savings and decades-high inflation increased incentives to work.
- On an adjusted basis, the initial unemployment claims rose to 195,460, last week. California, Michigan, and Ohio posted the largest increases in the unadjusted claims.