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Jobless claims in the US soared to the highest level seen since November 2021

Jobless claims in the US soared to the highest level seen since November 2021. The recent increase in recurring jobless claims is a troubling sign of the softening in the US labor market. The continuing jobless claims, which is a gauge of how hard it is to find a job, rose by 61,000 to 1.87 million in the week ended April 8th. Initial jobless claims, which are a proxy for layoffs, also rose for the second consecutive week as of April 15th, reaching 245,000.

The increase in jobless claims is concerning for investors as it can be an indication of companies struggling to make a profit in the future due to a weak job market. When jobless claims are high, investors may opt for a sell-off of stocks, leading to a market decline. Additionally, when initial jobless claims are high, consumer spending may decrease, as people who have recently lost their jobs will have less money to spend. This can have a negative impact on various industries such as retail, hospitality, and travel.

It is important to note that while the increase in jobless claims is concerning, the overall numbers are still close to historic lows. Thus, it is also possible that the recent uptick in jobless claims may only be a temporary blip and the labor market will soon rebound.

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