US weekly jobless claims increase moderately, labor market remains stable
Yahoo Finance • • business
Key Points:
- Initial claims for U.S. state unemployment benefits rose by 12,000 to 211,000 for the week ended May 9, indicating a moderate increase in jobless claims amid a stable labor market.
- Rising energy prices due to the U.S.-Israel conflict with Iran have disrupted shipping in the Strait of Hormuz, contributing to inflation pressures and higher costs for commodities like fertilizers and aluminum.
- Producer prices saw their largest increase in four years in April, raising concerns that inflation and supply shortages could lead to layoffs in certain industries.
- Continuing claims for unemployment benefits increased by 24,000 to 1.782 million for the week ended May 2, serving as a proxy for ongoing hiring trends.
- Despite these challenges, the labor market remains strong with nonfarm payrolls growing by 115,000 jobs in April and the unemployment rate steady at 4.3%.