It’s still historically low, but the number of American workers applying for unemployment benefits is on the rise.
According to statistics released Thursday by the U.S. Department of Labor. 245,000 workers applied for benefits in the week ending April 16. That’s an increase of 5,000 applicants.
While that number was up, the four-week average of claims was dropping, though not by very many. The Labor Department said the average dropped by 500, to 239,750.
Weekly claims have moved above the 200,000 level at which they were hovering at the beginning of the year.
The unemployment rate was at 3.5% last month, a bit above January’s half-century low 3.4%. Employers added 236,000 jobs in March, down from 472,000 in January and 326,000 in February but still strong by historic standards, the Associated Press reported.
Those numbers come as the Federal Reserve continue to raise key interest rates in an effort to fight inflation. They have raised their benchmark interest rate nine times in just over a year. Inflation has edged lower since hitting four-decade highs last year. But March’s 5% year-over-year inflation rate remained well above the Fed’s 2% target, the AP reported.
