The number of claims for unemployment insurance from first-time filers rose 25,000 to 429,000, the highest claims have been since January, the Department of Labor said today.
This report, coupled with a report from the Commerce Department showing that GDP slowed in the first quarter, underscore how fragile the economic recovery truly is.
Analysts told the LAT that despite three straight weeks where jobless claims have exceeded 400,000, it’s too early to say the labor market is losing momentum.
Yet the report is not an encouraging sign.
Next Friday the Bureau of Labor Statistics will release its report on unemployment: we’re betting it will be eagerly and widely anticipated to make sense of some of these crazy numbers.