Jobless claims jump to highest level in nine months

Claims rise 22,000 to 231,000, well above expectations of 214,000

The numbers: Initial jobless-benefit claims rose by 22,000 to 231,000 in the week ending May 4, the U.S. Labor Department said Thursday. That's the highest level since last August.

Economists polled by the Wall Street Journal had estimated that new claims would rise to 214,000.

Last week, claims rose a revised 1,000 to 209,000, compared with the initial estimate of an unchanged reading at 208,000.

Key details: The number of people already collecting jobless benefits in the week ending April 27 rose by 17,000 to 1.79 million.

On an unadjusted basis, claims rose 19,690 to 209,324 in the week ending May 4.

Federal Reserve Chairman Jerome Powell said last week that the softening of the labor market was evidence that the central bank's policy rate was high enough to push down demand and help cool inflation.

The banksters tools are working and they know it !
Jobless claims jump to highest level in nine months | Morningstar