Obama’s promises turned out to be hopelessness. Leaving the U.S. with destruction and ruin.
New applications for unemployment benefits jumped to 274,000 in the last week of April, the Department of Labor reported Thursday, up from an ultra-low 257,000 the week before.
Private-sector economists had expected 262,000 new claims, according to a survey conducted by Bloomberg.
Despite the unexpected rise, jobless claims remain low. The four-week moving average of claims ticked up by 2,000 to 258,000, a low not seen before the month of April since late 1973, when the U.S. labor force was much smaller.
Jobless claims have dipped to the lowest levels in decades in recent weeks, suggesting few layoffs and a strong job market. Investors and policymakers look at the weekly initial claims, which are adjusted for seasonal variations, as a high-frequency gauge of the economy’s health.