What’s going on:
The number of Americans applying for unemployment benefits decreased last week, yet yearly revisions revealed that the number of applications submitted this year was greater than first thought, proving further that the labor market is slowing down.
Why it matters:
Last week’s jobless claims saw a decrease of 18,000, settling at a seasonally adjusted total of 228,000 for the week ending April 1st.
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Revised figures showed that 48,000 more applications had been received than initially reported, which was higher than the 200,000 expected by economists in a Reuters poll.
How it’ll impact the future:
Although the labor market appears to have softened recently, the current levels remain low compared to past years, indicating that the labor market isn’t too weak.
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Source:
Reuters
