Recent data on thesuch as applications for unemployment benefits is USA is substantially downwardly revised after a state detect an increase in fraudwhich suggests that the labor market it is not weakening much as expected.
The initial requests for unemployment insurance for the two weeks ending May 13 were revised downward by a total of 50,000, according to data from the Labor Department posted on Thursday. In the most recent week, applications increased by 4,000 to 229,000.
A report released earlier Thursday showed Massachusetts revised down three months of applications that the state says it was largely due to fraud. This represents a total of approximately 171,000 applications. less than previously reportedaccording to seasonally adjusted data.
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New data shows that the labor market is not weakening as much as some expected. The overall level of applications remains quite low, indicating that the demand for workers remains strong.
“Its volatility and revisions point more to a shaky data collection system than a reliable measure of labor market vitality.according to a note by Robert Frick, corporate economist at Navy Federal Credit Union, adding that other metrics point to a “healthy” job market.
On an unconfigured basis, applications nationwide amounted to 202,044 last weekled by Connecticut and Texas.
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Data may vary from week to week. The four-week moving average of initial claims, which tempers some of the volatilityit was unchanged at 231,750.
Continuous claims, which include people who have received unemployment benefits for a week or more and They are a good indicator of how difficult it is for people to find work. after losing his job, they decreased to 1.79 million in the week ending May 13.
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