On Thursday, the Labor Department announced that the weekly jobless claims, which is the number of Americans filing for unemployment benefits, jumped to one-month high, and beat analysts’ previous estimates.
According to the Labor Department, initial claims for state unemployment benefits rose 14,000 to a seasonally adjusted 257,000 for the week ended April 22, beating estimates of 245,000. The increase was largely concentrated in New York state.
However, the four-week moving average of claims, which is considered as a better measure of labor market trends, dropped 500 to 242,250 last week, which is the lowest point since February. The decline of the four-week average of claims indicates that labor market conditions continue to tighten.
The weekly figure of the Labor Department has remained below 300,000 claims for 112 consecutive weeks. In addition, the overall number of people receiving jobless benefits increased to 1,988,000 million.
“The behavior of claims suggests there is room for the unemployment rate to decline further,” said Raymond Stone, the co-founder of Stone & McCarthy Research Associates.