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New US labor data suggests slowing job market as recurring unemployment claims soar to highest level since November 2021

New data from the US Department of Labor suggests that labor market growth is beginning to lose its stride.

Dominic CatacorabyDominic Catacora
April 21, 2023
in News
Reading Time: 2 mins read
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New US labor data suggests slowing job market as recurring unemployment claims soar to highest level since November 2021

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What’s going on:  

By April 8, the number of individuals who have previously filed an initial application and are now claiming unemployment benefits has increased by 61,000 to 1.87 million people, according to Bloomberg. 

The Labor Department’s data shows that US Initial Unemployment Claims also increased by 5,000 to 245,000 people through April 15. Initial jobless claims are the number of people who have recently lost their jobs and are applying for unemployment benefits for the first time.  

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Why it matters:  

By analyzing unemployment trends within the U.S., experts can measure the impact of how hard it is for individuals in the country to find a job. An exorbitant number of initial jobless claims indicate that there are countless individuals facing job loss – a solid indication of economic instability. 

How it’ll impact the future:  

The rise in unemployment levels within the U.S. might reflect white-collar layoffs in 2023.  

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Additionally, the high initial number of jobless claims may also be a signal that consumer spending may drop because those who recently became unemployed may not have the same amount of money to spend. These kinds of economic effects could potentially have far-reaching consequences for workers within industries like retail and hospitality.

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Source: Bloomberg
Tags: Workforce
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Dominic Catacora

Dominic Catacora

Dominic Catacora is a Staff Writer for Allwork.space. He is based in Pittsburgh, PA. He graduated from Radford University in 2017 with a Bachelor of Science degree in Media Studies - Journalism. He has previously covered the Historic Triangle as a journalist living in Williamsburg, Va, and is now focused on writing related to the future of work.

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