Applications for unemployment benefits rose by 1,000 to 203,000 for the week ending May 7, the Labor Department reports.
Applications for unemployment benefits rose by 1,000 to 203,000 for the week ending May 7, the Labor Department reported Thursday. First-time applications generally track the number of layoffs.
The total number of Americans collecting jobless benefits for the week ending April 30 fell by 44,000 from the previous week to 1,343,000. That's the fewest since January 3, 1970. Last week, the government reported America’s employers added 428,000 jobs in April, leaving the unemployment rate at 3.6%, just above the lowest level in a half-century. Hiring gains have been strikingly consistent in the face of the worst inflation in four decades, with employers adding at least 400,000 jobs for 12 straight months.
As hot as the job market is, inflation is even hotter. On Thursday, the government reported that U.S. producer prices soared 11% in April from a year earlier, a hefty gain that indicates high inflation will remain a burden for consumers and businesses in the months ahead.
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