US weekly jobless claims increase moderately, labour market remains stable

[WASHINGTON] The number of Americans filing claims for unemployment benefits increased moderately last week, indicating a stable labour market.

This is even as rising energy prices from the war with Iran drive up inflation.

Initial claims for state unemployment benefits rose 12,000 to a seasonally adjusted 211,000 for the week ended May 9, the US Labor Department said on Thursday (May 14).

Economists polled by Reuters had forecast 205,000 claims for the latest week.

The US-Israel war with Iran has disrupted shipping in the Strait of Hormuz, also boosting prices of other commodities, including fertilisers, petrochemicals and aluminium.

The government reported on Wednesday that producer prices recorded their biggest increase in four years in April.

Concerns are prevalent of shortages and rising inflation possibly causing layoffs in some industries.

The number of people receiving unemployment benefits after an initial week of aid, a proxy for hiring, increased 24,000 to a seasonally adjusted 1.8 million in the week ended May 2, the claims report showed.

The government reported last week that non-farm payrolls increased by 115,000 jobs in April, the second straight month of strong employment gains.

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US weekly jobless claims increase marginally as labour market remains stable

US weekly jobless claims decrease as labour market conditions remain stable

The unemployment rate was unchanged at 4.3 per cent. REUTERS