AP

Slightly more Americans seek jobless aid last week

May 12, 2022, 5:44 AM | Updated: 2:08 pm

WASHINGTON (AP) — The number of Americans applying for jobless aid ticked up slightly last week but the total number of Americans collecting benefits remained at its lowest level in more than five decades.

Applications for unemployment benefits rose by 1,000 to 203,000 for the week ending May 7, the Labor Department reported Thursday. First-time applications generally track the number of layoffs.

The four-week average for claims, which evens out some of the weekly ups and downs, rose 4,250 from the previous week to 192,750.

The total number of Americans collecting jobless benefits for the week ending April 30 fell by 44,000 from the previous week to 1,343,000. That’s the fewest since January 3, 1970.

American workers are enjoying historically strong job security two years after the coronavirus pandemic plunged the economy into a brief but devastating recession. Weekly applications for unemployment aid have been consistently below the pre-pandemic level of 225,000 for most of 2022, even as the overall economy contracted in the first quarter.

Last week, the government reported America’s employers added 428,000 jobs in April, leaving the unemployment rate at 3.6%, just above the lowest level in a half-century. Hiring gains have been strikingly consistent in the face of the worst inflation in four decades, with employers adding at least 400,000 jobs for 12 straight months.

Earlier this month, the Bureau of Labor Statistics reported that U.S. employers posted a record 11.5 million job openings in March — an unprecedented two job openings for every person who is unemployed. A record 4.5 million Americans quit their jobs in March — a sign that they are confident they can find better pay or improved working conditions elsewhere.

As hot as the job market is, inflation is even hotter. On Thursday, the government reported that U.S. producer prices soared 11% in April from a year earlier, a hefty gain that indicates high inflation will remain a burden for consumers and businesses in the months ahead.

On Wednesday, the government reported that inflation eased slightly in April after months of relentless increases but remained near a four-decade high. Consumer prices jumped 8.3% last month from a year ago, just below the 8.5% year-over-year surge in March, which was the highest since 1981.

Last week, the Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark short-term interest rate by a half-percentage point — its most aggressive move since 2000 — and signaling further large rate hikes to come. The increase in the Fed’s key rate raised it to a range of 0.75% to 1%, the highest point since the pandemic struck two years ago.

The Commerce Department reported last month that the U.S. economy shrank last quarter for the first time since the pandemic recession struck two years ago, contracting at a 1.4% annual rate, even as consumers and businesses kept spending in a sign of underlying resilience.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Former President Donald Trump sits in the courtroom at New York Supreme Court, Monday, Oct. 2, 2023...

Associated Press

Trump seethes through the start of trial in New York lawsuit accusing him of lying about his wealth

Former President Donald Trump spent a day in court Monday for the sometimes testy start of a trial in a fraud lawsuit that could cost him control of assets.

6 hours ago

FILE - Speaker of the House Kevin McCarthy, R-Calif., leaves the chamber at the Capitol in Washingt...

Associated Press

McCarthy rejects Senate spending bill while scrambling for a House plan that averts a shutdown

A government shutdown appeared all but inevitable as House Speaker Kevin McCarthy dug in Thursday.

4 days ago

(Photo by Mario Tama/Getty Images)...

Associated Press

Kari Lake reportedly plans to launch US Senate bid in Arizona for seat held by Kyrsten Sinema

Republican Kari Lake will soon launch her campaign for the U.S. Senate seat held by independent Kyrsten Sinema, a senior adviser said Thursday.

5 days ago

Republican presidential candidates, from left, former Arkansas Gov. Asa Hutchinson, former New Jers...

Associated Press

3rd Republican presidential debate is set for Nov. 8 in Miami, with the strictest qualifications yet

The third Republican presidential debate will be held in Miami on Nov. 8, a day after several states hold off-year elections.

10 days ago

During the equinox, the Earth’s axis and its orbit line up so that both hemispheres get an equal ...

Associated Press

The fall equinox is here. What does that mean?

The equinox arrives on Saturday, marking the start of the fall season for the Northern Hemisphere. But what does that actually mean?

10 days ago

Ray Epps Ray Epps, an Arizona man who became the center of a conspiracy theory about Jan. 6, 2021, ...

Associated Press

Ray Epps, an Arizona man who supported Trump, pleads guilty to Capital riot charge

Ray Epps, the target of a conspiracy theory about the Jan. 6, 2021, attack, pleaded guilty on Wednesday to a misdemeanor charge.

12 days ago

Sponsored Articles

Home moving relocation in Arizona 2023...

BMS Moving

Tips for making your move in Arizona easier

If you're moving to a new home in Arizona, use this to-do list to alleviate some stress and ensure a smoother transition to your new home.

...

Mayo Clinic

Game on! Expert sports physicals focused on you

With tryouts quickly approaching, now is the time for parents to schedule physicals for their student-athlete. The Arizona Interscholastic Association requires that all student-athletes must have a physical exam completed before participating in team practices or competition.

...

Ability360

At Ability360, every day is Independence Day

With 100 different programs and services, more than 1,500 non-medically based home care staff, a world-renowned Sports & Fitness Center and over 15,000 people with disabilities served annually, across all ages and demographics, Ability360 is a nationwide leader in the disability community.

Slightly more Americans seek jobless aid last week