US weekly jobless claims unchanged; layoffs decline in April
Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 208,000 for the week ended April 27, the Labor Department said on Thursday.
Economists polled by Reuters had forecast 212,000 claims in the latest week. Claims have been bouncing around in a 194,000-225,000 range this year.
Though demand for labor is softening, with job openings falling to a three-year low in March, layoffs remain very low as companies hang on to their workers following challeges finding labor during and after the COVID-19 pandemic.
The Federal Reserve on Wednesday kept the U.S. central bank's benchmark overnight interest rate unchanged in the current 5.25%-5.50% range, where it has been since July.
Since March 2022, the Fed has raised its policy rate by 525 basis points. Labor costs and inflation surged in the first quarter.
Fed Chair Jerome Powell told reporters on Wednesday that progress lowering inflation had stalled. Powell described the labor market as having remained «relatively tight,» but also noted that «supply and demand conditions have come into better balance.»
The number of people receiving benefits after an initial week of aid, a proxy for hiring, were also unchanged at a seasonally adjusted 1.774 million during the week ending April 20, the claims report showed.
A separate report from global outplacement firm Challenger, Gray & Christmas on Thursday showed U.S.-based employers announced 64,789 job cuts in April, a 28% drop from
