US Jobless Claims Rebound

Initial jobless claims in the US rose by 16,000 from the previous week to 219,000 on the period ending April 4th, ahead of market expectations of 212,000 to mark the largest initial claim count in one month. Still, the number remained firmly below the averages from the second half of the previous year. Likewise, continuing claims, which are a proxy for outstanding unemployment in the country, dropped by 38,000 to 1,794,000, the lowest in nearly two years. The latest release continued to reflect a robust labor market with low firing and low net firing holding against signals of a softer pace of labor force growth.

Initial jobless claims in the US fell by 9,000 from the previous week to 202,000 in the fourth week of March, well below the median market estimate of 212,000. It nearly tied the two-year low of 201,000 in the first week of January, which is subject to volatile readings due to the holidays, to consolidate the low firing trend in the labor market that has prevented the Federal Reserve from extending its cutting cycle this year. Meanwhile, continuing jobless claims, which serve as proxy for outstanding unemployment in the US, edged higher by 25,000 to 1,841,000 in the third week of March, but remained below the average from the second half of last year. Initial claims filed by federal employees, which have been under scrutiny as markets measure the impact of government shutdowns, rose by 38 to 622.

Initial jobless claims in the US rose by 5,000 from the previous month to 210,000 on the third week of March, aligned with the median market expectations but remaining below the average from the previous year. Meanwhile, continuing jobless claims, which serve as proxy for outstanding unemployment in the US, fell by 32,000 to 1,819,000 in the earlier week, well below expectations of 1,850,000 to tie for the lowest since May of 2024. The results continued to contrast with the weak signals in the February jobs report by the BLS, with a low hiring pace matching a slower hiring pace that has been impacted by lower immigration, according to the Federal Reserve. Initial claims filed by federal employees, which have been under scrutiny as markets measure he impact of government shutdowns, fell by 59 to 584.