U.S. Jobless Claims Climb to 241,000, Surpassing Expectations

U.S. weekly jobless claims surged to 241,000 for the week ending April 26, an increase of 18,000 from the previous period and significantly above market expectations. This marks the highest level for insured unemployment since November 2021, signaling potential cracks in the labor market's resilience. The increase was influenced in part by a notable jump in claims from New York, while the overall insured unemployment rate rose to 1.3%. Economic data also showed the U.S. economy contracting in the first quarter, with the GDP falling at an annualized rate of 0.3%, driven by factors such as a surge in imports and cooling consumer spending. While the long-term trend for jobless claims remains relatively stable, the recent spike has raised concerns among economists about the broader health of the labor market. These developments have also had a modest impact on financial markets and currency valuations.