States reported that 222,000 workers filed for new unemployment benefits during the week ending May 11, a decrease of 10,000 from the previous week’s revised level. The previous week saw a big bounce in the number of claims, with a revised number of 232,000 claims filed, marking an eight-month high.
About 1.8 million workers continue to claim unemployment benefits. The weekly claims are consistent with an overall low level of job-cutting.
Takeaway for employers: With more potential candidates and a lower-than-expected rise in consumer prices in April, the cooling labor markey may make it easier for employers to find applicants and meet their pay expectations.
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