Jobless claims in the US soared to their highest level since October 2021 in another sign the Federal Reserve's aggressive interest rates are being felt across the economy — this time in the labour market.
Initial claims last week rose by 22,000 to a seasonally adjusted level of 264,000 in the week ending May 6. It is the highest level since October 2021, when jobless claims were at 264,000. Thursday's reading came in higher than estimations by Reuters and Bloomberg economists.
The four-week moving average was 245,250, an increase of 6,000 from the previous week. It is the highest average since November 2021.
US workers collecting unemployment benefits rose 12,000 to 1.813 million in the week ending April 29.
While Thursday's report shows signs of the labour market cooling, it still remains tight with 1.6 open positions available for every jobseeker. A report from the Labour Department last week showed employers added 253,000 jobs last month as the unemployment rate hit a historic low of 3.4 per cent.
The Fed has raised interest rates 10 times in the past 14 months by 5 per cent to 5.25 per cent, hoping that higher interest rates would lead to cool the labour market and wage growth.
Thursday's report comes as the US faces economic uncertainty, with Democratic and Republican leaders in a standoff over the debt ceiling. Failure to raise the debt limit could lead to a default and ensuing economic calamity — even in the short-term.
Speaking ahead of a meeting with her G7 counterparts in Japan, Treasury Secretary Janet Yellen warned a default would undermine gains the US economy made as it recovered from the Covid-19 pandemic and result in a “global downturn”.
Reuters contributed to this report
Global state-owned investor ranking by size
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China
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Norway
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Canada
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SERIES SCHEDULE
First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Stadium
August 12-16
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August 24
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September 3
T20, R Premadasa Stadium
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
More from Rashmee Roshan Lall
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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