Weekly Jobless Claims Unexpectedly Shoot Up to ‘Worrisome’ Level

Article originally appeared on www.westernjournal.com.

Another day, another piece of bad election-year news for proponents of Bidenomics.

The Department of Labor on Thursday released its weekly report of seasonally adjusted data on new unemployment claims through May 4, reporting a total of 231,000 jobless claims.

That number was both up from the previous week’s 209,000 and higher than the 214,000 claims Dow Jones had anticipated, according to CNBC.

In fact, it was the highest number since August, spurring CNBC to label the report “a potential sign that an otherwise robust labor market is changing.”

Continuing jobless claims were up 17,00o from the week prior, while the four-week moving average of claims also showed an increase, up 4,750 week-to-week.

“Weekly jobless claims are one of the timeliest indicators of when the economy is starting to undergo serious deterioration, and the magnitude of new layoffs this week looks worrisome,” Christopher Rupkey, chief economist at FWDBONDS, told CNBC.

“One week …

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