Economics
Surprise Gain in Jobless Claims Shows U.S. Labor Market Churn
- Pickup reflects outsize gains in four states, led by Michigan
- Claims data tend to be volatile around summer auto retooling
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Applications for U.S. state unemployment insurance rose unexpectedly last week by the most since late March, underscoring week-to-week volatility in an otherwise improving labor market.
Initial jobless claims in regular state programs totaled 419,000 in the week ended July 17, up 51,000 from the prior week, Labor Department data showed Thursday. The median estimate in a Bloomberg survey of economists called for 350,000 new applications.