Recurring U.S. unemployment benefit claims jumped to the highest level since November 2021, indicating some softening in the labor market.
Continuing claims, or the number of people who have already filed an initial application and are now claiming unemployment benefits, rose by 61,000 to 1.87 million in the week ended April 8, Labor Department data showed Thursday. This figure can offer insight into how quickly out-of-work Americans are able to find a new job.
Separate data Thursday showed a gauge of manufacturing activity in the Philadelphia area plunged in April to the lowest level since May 2020 amid weak demand. Indicators of prices paid and received also fell to their lowest levels since the early months of the pandemic.
