Saturday, June 3, 2023

US weekly claims for unemployment benefits fall more than expected

WASHINGTON (Reuters) – The number of Americans filing new claims for jobless benefits fell more than expected last week, with a sharp decline in the state of Massachusetts, suggesting the labor market remains tight.

Initial claims for state unemployment benefits fell 22,000 to 242,000, seasonally adjusted, for the week ending May 13, the Labor Department reported Thursday. Requests rose to 264,000 last week, buoyed by a surge in orders in Massachusetts.

The state Department of Unemployment Assistance said it was “experiencing an increase in fraudulent activity in which people attempt to access active unemployment insurance accounts to obtain benefits or file new unemployment insurance claims using stolen personal information.” Are.” by cons.

Economists polled by Reuters had forecast 254,000 for the previous week. Massachusetts unadjusted claims fell 14,042 last week.

The job market is being closely watched for signs of stress from the Federal Reserve’s sharpest rate hike campaign since the 1980s to rein in inflation.

While it has shown some signs of cooling, the labor market remains tight with 1.6 job offers for each unemployed person in March, well above the 1.0-1.2 range that is consistent with labor market inflation. is not generating.

The claims report covers the period during which the government surveyed businesses for the non-farm payrolls portion of the May employment report.

There was hardly any change in requests between the weeks of April and May. The economy created 253,000 jobs in April, and the unemployment rate fell to its lowest level in 53 years, at 3.4%.

Nation World News Desk
Nation World News Desk
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