Last week saw the largest number of initial unemployment benefit filings of the year, which may be another indication of a sluggish labour market.
A Labour Department data released Thursday showed that the number of jobless claims for the week ending February 22 reached a seasonally adjusted 242,000, up 22,000 from the revised amount the week before and higher than the Dow Jones estimate of 225,000.
Claims reached their highest level since early October 2024, and the increase coincided with concerns about overall economic growth and concerning findings from recent consumer sentiment surveys.
Elon Musk’s Department of Government Efficiency advisory group has been a vehicle for President Donald Trump’s aggressive efforts to cut the federal workforce… Up till now, the measures have led to the loss of thousands of jobs, and they are likely to continue.
Source (CNBC)
