The number of Americans filing new claims for unemployment benefits jumped to a 1-1/2-year high last week, pointing to widening cracks in the labor market, which together with subsiding inflation could allow the Federal Reserve to halt further interest rate increases next month.
Cooling price pressures were underscored by other data from the Labor Department on Thursday showing producer prices rebounding modestly in April, leading to the smallest annual increase in producer inflation in more than two years. The reports suggested that demand was slowing and raised the risks of a recession later this year.
Though claims remain below the 270,000-300,000 level that economists said would signal a deterioration in the labor market, last week's increase could mark the start of an upward trend as the cumulative and lagged effects of the Fed's rate hikes broaden out in the economy. U.S. stocks opened lower. The dollar gained versus a basket of currencies. U.S. Treasury prices rose.Unadjusted claims increased 13,969 to 234,084 last week. There was a surge in applications in Massachusetts as well as significant increases in California, Missouri and New York. That offset notable declines in Colorado, Georgia and Kentucky.
In another report on Thursday, the Labor Department said the producer price index for final demand rebounded 0.2% in April after dropping 0.4% in March. In the 12 months through April, the PPI increased 2.3%. That was the smallest year-on-year rise since January 2021 and followed a 2.7% advance in March.
Services prices dipped 0.1% in March. Goods prices rose 0.2% in April after declining 1.0% in March. They were driven by an 8.4% surge in gasoline prices. Food prices fell 0.5%.
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