The number of Americans filing new claims for unemployment benefits fell more than expected last week, suggesting that the labor market continues to perform strongly, despite rising risks from tariffs.
The U.S. Department of Labor reported on Thursday that initial claims for state unemployment benefits fell by 13,000 to a seasonally adjusted 228,000 for the week ending May 3. Economists had forecasted 230,000 claims for the latest week.
This decline offset some of the increase in claims during the spring school break in New York, which pushed claims to their highest level in two months. The sweeping tariffs imposed by President Donald Trump, including raising tariffs on Chinese imports to 145%, have undermined business and consumer confidence, increasing economic uncertainty.
