Jobless claims show surprise increase to highest level in a month

Initial jobless claims unexpectedly rose last week despite an ongoing recovery in the U.S. employment market, the Labor Department reported Thursday.

The surprise increase in claims comes following a series of incremental steps toward normalcy in the payrolls picture. A year ago at this time, the nation was seeing close to 1.5 million new claims a week amid continued government-imposed business shutdowns aimed at containing the Covid-19 pandemic. Continuing claims, which run a week behind the headline number, were little changed at 3.52 million. A year ago, the number was close to 18 million. The four-week moving average for continuing claims fell by 55,000 to just over 3.6 million, the lowest level since March 21, 2020.

“Factors related to the pandemic, such as caregiving needs, ongoing fears of the virus, and unemployment insurance payments appear to be weighing on employment growth,” Powell said Wednesday“These factors should wane in coming months against a backdrop of rising vaccinations leading to more rapid gains in employment.”

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