US jobless benefit claims hit 211,000, rising from previous week
AP News • • business
Key Points:
- U.S. jobless aid applications rose by 12,000 to 211,000 for the week ending May 9, slightly exceeding analyst expectations, but remain historically low despite economic uncertainty from the Iran war.
- The labor market shows a "low-hire, low-fire" trend, maintaining a low unemployment rate of 4.3%, though many unemployed individuals still face challenges finding new jobs.
- The Iran conflict has caused oil prices to surge over 50%, pushing U.S. gas prices to $4.53 per gallon, contributing to rising inflation and potentially discouraging business hiring.
- Inflation data reveal a 3.8% consumer price increase from April 2025, the largest in three years, while wholesale prices surged 6% year-over-year, complicating the Federal Reserve's policy decisions amid economic uncertainty.
- Despite some recent high-profile corporate layoffs and slower job growth compared to previous years, weekly unemployment claims have stabilized between 200,000 and 250,000 since the pandemic recession.