Jobless Claims , Rise Higher Than Expected .
CNBC reports that initial filings for unemployment
insurance rose last week but remained relatively
low amid a contracted labor market.
For the week ending March 25, jobless claims
totaled 198,000, up 7,000 from the week before.
According to the Labor Department, new jobless
claims were higher than the estimated 195,000.
CNBC reports that the numbers indicate
that layoffs may slow despite predictions
that unemployment will rise through 2023.
The Labor Department's report also showed
that continuing unemployment claims rose
by 4,000 to reach 1.689 million.
The four-week moving average
rose slightly to 198,250.
Since mid-January, the four-week moving
average for weekly unemployment
claims has remained below 200,000. .
Last week, Federal Reserve estimates
suggested that the unemployment rate
will rise to 4.5% in 2023.
Currently, that figure is sitting at 3.6%,
meaning that over 540,000 jobs are
expected to be lost in the coming year. .
Although hiring in the U.S. economy
remains strong, there appears to be
the potential for more slack in hiring trends
set for the spring and summer months, Stuart Hoffman, senior economic adviser at PNC, via CNBC.
This is not to say that economic conditions
are set to collapse entirely. Rather, any newly
laid-off workers are not as likely to be so
quickly rehired as businesses assess their
plans to weather what we expect will be a
mild recession in the second half of this year, Stuart Hoffman, senior economic adviser at PNC, via CNBC