Jobless claims are reported weekly from the U.S. Department of Labor and it reports how many people film for unemployment benefits. This past week their was 242,000 claims filled this past week which was a massive shock to many as it was expected to be around levels of 220,000. This is the largest jobless claim in more than 4 months.
These levels can be very volatile and the simplest thing like weather or holidays can move these numbers so some shifts are not a problem but something like this is definitely an unusual spike. With the Trump administration working their way through the government and having mass firings that could be a clear reason for the spike, and gives this piece of data further importance. There could also be further layoffs to come in the near future with Elon Musk, however economists don't believe this will all happen in "one fell swoop".
A chief economist at EY-Parthenon mentions that these layoffs will not effect February's job report but rather will move to March's because of the exact timing. Although these are significant, these claims should all be a one time hit and will not be a reoccurrence looking into the long run. This is only a months loss of growth so rebounding shouldn't be a problem.
Link: https://www.cnn.com/2025/02/27/economy/us-jobless-claims-layoffs/
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