Recruiters speak to a job seeker at an internship and job fair in Boone, North Carolina.
Recurring applications for U.S. jobless benefits fell to the lowest level in almost two years, adding to evidence of stabilization in the labor market. Continuing claims, a proxy for the number of people receiving benefits, fell to 1.79 million in the week ended March 28, the least since May 2024 and below all estimates in a Bloomberg survey. However, initial claims rose to 219,000 in the week ended April 4.
Today's figures point to a labor market still in a "low-hire, low-fire" environment, with claims near historically low levels. The government's monthly report on employment showed hiring rebounded in March across a broad range of industries, while the unemployment rate edged lower.
Still, economists say uncertainty tied to the Iran war and higher energy costs may weigh on business sentiment, potentially leading companies to scale back hiring plans in the months ahead.
.What Bloomberg economists say..."The larger-than-expected rise in initial jobless claims in late March and early April comes in a period that typically sees greater volatility, due to holidays such as Passover and Good Friday. Looking at smoothed data for all of March, average claims were lower in 37 states—including California, despite tech-sector layoffs—showing that layoffs remain limited geographically."— Eliza Winger |
————————————————————
Copyright 2026 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.