16 May 2024

It's Thursday ¯\_(ツ)_/¯

Initial unemployment claims fell by 10,000 to 222,000, still higher than the forecast of 220,000, while continuing claims rose by 13,000 to 1.794 million.

Initial applications for US unemployment benefits fell last week, after seasonal factors caused a significant increase in New York claims in the prior week.

Initial claims decreased by 10,000 to 222,000 in the week ended May 11, according to Labor Department data released Thursday. The median forecast in a Bloomberg survey of economists called for 220,000.

Claims in New York dropped after surging the previous week while New York City public schools were on spring break. Some workers such as bus drivers are allowed to apply for benefits during school breaks, which tends to make weekly data volatile during and after recess.

Continuing claims, a proxy for the number of people receiving unemployment benefits, rose to 1.79 million in the week ended May 4.

While still below trend, this does appear to be heading in the wrong way.

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