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Initial Jobless Claims Fall, but Continuing Claims Hit Post-Pandemic High
Initial Jobless Claims Fall, but Continuing Claims Hit Post-Pandemic High
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Fewer people than expected filed for unemployment benefits last week, with initial jobless claims falling by 9,000 to 215,000 for the week ended April 12. This suggests that neither federal layoffs nor tariffs are currently weighing on the labor market. However, continuing claims are on the rise, with 1.89 million people now receiving unemployment benefits, a level not seen since November 2021. This indicates that while companies may not be engaging in significant layoffs, they are also not ramping up hiring. The report comes a day after Chair Powell assured markets that the labor market is in a good place, though maintaining this health is dependent on various factors.
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