While overall weekly jobless claims were down, these states still saw big increases
In the week ending April 23, the leading seasonally adjusted initial jobless claims figure was 180,000, down 5,000 from the revised level of the previous week. The previous week’s jobless claims level was revised up by 1,000, from 184,000 to 185,000.
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Jeanniey Walden, director of marketing at DailyPay, told GOBankingRates that this morning’s economic releases demonstrate the resilience of the labor market.
“First quarter GDP fell 1.4%, well below expectations of a 1% gain and even further below last quarter’s 7% GDP gain. Faced with this economic volatility, the market labor market continues to evolve with unemployment claims reaching 180,000 on a 1-week and 4-week moving average,” she said. “We are seeing a historic decoupling between cyclical economic activity and the strength in employment, fueled by a record imbalance in labor supply and demand.”
While the drop was in line with forecasts by economists polled by The Wall Street Journal, there were still a few states where jobless claims rose, including New York, which had by far the most, with 4,821 more claims. according to the data.
Other states with a large increase in claims include:
- Massachusetts (+3,411)
- Indiana (+1,345)
- Connecticut (+1,040)
- Rhode Island (+777)
However, some states saw steep declines in new claims last week, including Ohio, which led the pack with a drop of 2,744 claims. Other states with a steep decline in claims include:
- California, with a drop of 2,083
- Michigan with a drop of 1,992
- Florida, with a drop of 644
Regarding initial claims, for the previous week ending April 16, the largest increases were recorded in Connecticut (+1,391), New Jersey (+1,116), Rhode Island (+368) , Montana (+340) and Maryland (+147). Missouri (-7,498), Michigan (-3,509), New York (-2,956), Ohio (-2,902) and Texas (-2,330) saw the largest drops in initial claims for the week.
Additionally, Department of Labor data shows that in Missouri, there were fewer layoffs in manufacturing and administrative and support services and waste management and remediation.
In Michigan, there were fewer layoffs in the auto industry. In New York, meanwhile, there have been fewer layoffs in construction, retail, and health care and social assistance.
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Finally, in Pennsylvania, there were fewer layoffs in construction, administrative and support services, waste management and remediation, professional, scientific and technical services.
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