US Jobless Claims Exceed Predictions
The US Department of Labor has announced that the number of people claiming unemployment benefits for the first time in the country has risen to 242,000 in the week ending April 29, a 13,000 increase from the previous week. This figure was higher than the expected 240,000. The previous week’s data on unemployment benefit claims was also revised to 229,000 from 230,000. As of last week, the 4-week average of unemployment benefit applications increased by 3,500 people compared to the previous week, reaching 239,250. On the other hand, ongoing unemployment claims fell to 1,805,000, showing a 38,000 decrease in the week ending April 22. The data shows a rise in people seeking unemployment benefits, indicating a continuation of the pandemic-induced economic downturn.
