Layoffs
However, the rise in jobless claims should not be interpreted as a signal of a sudden increase in layoffs, according to Stephen Stanley, chief US economist at Santander US Capital Markets LLC.
“I think we’ll have to wait a few weeks to see how things play out,” Stanley wrote in a note. this data”.
The 4-week moving average of initial jobless claims, which smooths out weekly volatility, fell to 237,750 claims from 242,000, the upwardly revised number in the prior period.
On an unadjusted basis, jobless claims fell by 17,000 to 206,931, with California, Kentucky and Michigan reporting the largest declines, and Indiana the largest increase.
This data precedes Friday’s employment report, which is expected to show another strong month of employment in March, and the unemployment rate holding near a historic low.
