States reported that 211,000 workers filed for
new unemployment benefits during the week ending April 6, a decrease of 11,000 from the previous week's revised level. About 1.8 million workers continue to claim unemployment benefits. The weekly claims are consistent with an overall low level of job-cutting, despite recent high-profile layoff announcements.
Takeaway for employers: The unemployment claims data supports the contention that employers are cutting back on hiring but not laying off workers in great numbers. With the jobless rate under 4 percent for the last 26 months, and a boost to labor force participation in March, the unemployment picture continues to trend near favorable levels, muting recession fears and indicating continued normalization of labor supply and demand from pandemic-era volatility.
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