Jobless claims rise to highest level in more than a year
The number of first-time claims for state unemployment benefits rose yet again last week, marking the third consecutive week that the number of claims has increased and notching the highest total of claims since February 2015. The Labor Department said Thursday that initial applications for unemployment benefits rose by 20,000 from last week for a total of 294,000 for the week ending May 7.
However, an economic analyst at FTN Financial in New York told Bloomberg that while this rise, coupled with last week's payroll number, "will raise eyebrows," it's not a cause for concern. "It's something to keep an eye on, but not necessarily anything to panic about," analyst Sophia Kearney-Lederman said. For 62 weeks straight now, jobless claims have remained below 300,000, which economists say is usually a good indication of an improving job market. In even better news, the 62-week stretch marks the longest such streak since 1973.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Nobody seems surprised Wagner's Prigozhin died under suspicious circumstances
Speed Read
By Peter Weber Published
-
Western mountain climbers allegedly left Pakistani porter to die on K2
Speed Read
By Justin Klawans Published
-
'Circular saw blades' divide controversial Rio Grande buoys installed by Texas governor
Speed Read
By Peter Weber Published
-
Los Angeles city workers stage 1-day walkout over labor conditions
Speed Read
By Justin Klawans Published
-
Mega Millions jackpot climbs to an estimated $1.55 billion
Speed Read
By Catherine Garcia Published
-
Bangladesh dealing with worst dengue fever outbreak on record
Speed Read
By Catherine Garcia Published
-
Glacial outburst flooding in Juneau destroys homes
Speed Read
By Catherine Garcia Published
-
Scotland seeking 'monster hunters' to search for fabled Loch Ness creature
Speed Read
By Justin Klawans Published