The number of Americans filing new claims for unemployment benefits fell last week, but annual revisions to the data showed applications were higher this year than initially thought, further evidence that the labour market was slowing.
It said this approach had resulted in larger-than-usual revisions during many weeks over the last five years. Economists had viewed pandemic-related distortions to seasonal factors as one of several factors keeping claims low despite high-profile layoffs in the technology industry and some sectors particularly sensitive to interest rates. Employers have generally been reluctant to send workers home after struggling to find labour following the COVID-19 pandemic.
Credit conditions have also tightened following the recent failure of two regional banks, which could make it harder for small businesses and households to access funding.
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