US Jobless claims rise to 429K as layoffs increase
Just when you thought it was safe to go swimming in the job pool again.
Initial jobless claims are definitely on the rise. Initial claims jumped 25,000 in the April 23 week to 429,000 which is nearly 40,000 above expectations (prior week revised 1,000 higher to 404,000).
The Labor Department blames the auto sector, but the data just don't bear this out. This is a real deal. An increase in layoffs during a weak recovery.
If you are employed beware.... If you are unemployed. Seek safety
They claim that it is an isolated incident and not a major factor. The four-week average rose a steep 9,250 to 408,500 and is nearly 15,000 above the month-ago level. Initial claims were on a convincing downward trend, but no longer with this month's data pointing to trouble for the April employment report.
In the week ending April 23, the advance figure for seasonally adjusted initial claims was 429,000, an increase of 25,000 from the previous week's revised figure of 404,000. The 4-week moving average was 408,500, an increase of 9,250 from the previous week's revised average of 399,250.
The advance seasonally adjusted insured unemployment rate was 2.9 percent for the week ending April 16, a decrease of 0.1 percentage point from the prior week's revised rate of 3.0 percent.
The advance number for seasonally adjusted insured unemployment during the week ending April 16 was 3,641,000, a decrease of 68,000 from the preceding week's revised level of 3,709,000. The 4-week moving average was 3,697,750, a decrease of 22,750 from the preceding week's revised average of 3,720,500.