US weekly jobless claims drop; revisions suggest labor market looser

  • 📰 Reuters
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 97%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

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 labor market was slowing.

With Thursday's weekly jobless claims report, the Labor Department updated the methodology used to seasonally adjust the initial claims and the so-called continued claims data. Prior to the COVID-19 pandemic, the unemployment insurance claims series used multiplicative factors to seasonally adjust the data.

It said this approach had resulted in larger-than-usual revisions for many weeks over the last five years.Initial claims for state unemployment benefits dropped 18,000 to a seasonally adjusted 228,000 for the week ended April 1. Data for the prior week was revised to show 48,000 more applications received than previously reported.

The government updated seasonal factors for 2023 and revised factors for 2018 through 2022. But it added that "the most volatile economic period of the pandemic, including the period running from March 2020 to June 2021, was not revised and will continue to be based on additive adjustments."

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I declare realDonaldTrump to be the biggest looser! All he does is loose! Is he ever tired of all that loosing that he is doing? 🤣

If yоu wаnt sеx💋 оr light flirting 😘, thеn you are here sexdating_21

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines