April 6, 2023 – Jobless claims higher than expected

Welcome to the April 6, 2023, issue of Business News Digest by Simple Finance and Economics. The highlight of this issue: Revised U.S. jobless claims were higher in March 2023, indicating a cooling labor market.

Jobless claims higher than expected

The U.S. Department of Labor has adjusted its methodology for calculating initial jobless claims to eliminate seasonal fluctuations’ impact on economic activity. Consequently, the updated figures report more claims than previously estimated. In mid-March, the weekly initial jobless claims reached approximately 250,000, which is nearly 50,000 more than the initial estimates.

Although the revised numbers still point to a robust economy, they imply that the job market’s growth may not be as strong as initially believed. Various factors, such as high inflation, rising interest rates, and instability in the banking sector, could potentially contribute to a slowdown in the employment market.

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