The data from the Labor Department showed on Thursday the number of applications for unemployment increased significantly last week.
According to the report, the initial claims for unemployment benefits reached 231,000 for the week ended May 4. This is the highest value since August 2023. Economists had foreseen 212,000 new claims last week. Claims for the prior week were revised upwardly to 209,000 from the original estimate of 208,000.
Meanwhile, the four-week moving average of jobless claims rose to 215,000 compared to an upwardly revised 210,250 (from 210,000) in the previous week.
As for continuing claims, they came in at 1,785,000, an increase compared to a downward revised 1,768,000 (from 1,774,000) in the previous week. Economists had expected an increase to 1,790,000.