The number of Americans applying for unemployment benefits jumped to its highest level in more than eight months last week, another indication that the red hot U.S. labor market may be softening.
Unemployment claims for the week ending May 4 rose by 22,000 to 231,000, up from 209,000 the week before, the Labor Department reported Thursday. Though last week's claims were the most since the final week of August 2023, it's still a relatively low number of layoffs and not cause for concern.
The four-week average of claims, which softens some of the weekly volatility, rose by 4,750 to 215,000.
Weekly unemployment claims are considered a proxy for the number of U.S. layoffs in a given week and a sign of where the job market is headed. They have remained at historically low levels since the pandemic purge of millions of jobs in the spring of 2020.
Last month, U.S. employers added just 175,000 jobs, the fewest in six months and another sign that the labor market may be loosening. The unemployment rate inched back up to 3.9% from 3.8% and has now remained below 4% for 27 straight months, the longest such streak since the 1960s.
The government also recently reported 8.5 million job openings in March, the lowest number of vacancies in three years.
Moderation in the pace of hiring, along with a slowdown in wage growth could give the Fed the data its been seeking in order to finally issue a cut to interest rates.
The Federal Reserve raised its benchmark borrowing rate 11 times beginning in March of 2022 in a bid to stifle the four-decade high inflation that took hold after the economy rebounded from the COVID-19 recession of 2020. The Fed’s intention was to loosen the labor market and cool wage growth, which can fuel inflation.
Many economists thought there was a chance the rapid rate hikes could cause a recession, but jobs have remained plentiful and the economy forged on thanks to strong spending by U.S. consumers.
Though layoffs remain at low levels, companies have been announcing more job cuts recently, mostly across technology and media. Google parent company Alphabet, Apple and eBay have all recently announced layoffs.
Outside of tech and media, Peloton, Stellantis, Nike and Tesla have recently announced job cuts.
In total, 1.79 million Americans were collecting jobless benefits during the week that ended April 27. That’s up 17,000 from the previous week.
A hiring sign is displayed at a restaurant in Glenview, Ill., Thursday, May 2, 2024. On Thursday, May 9, 2024, the Labor Department reports on the number of people who applied for unemployment benefits last week. (AP Photo/Nam Y. Huh)
MIAMI (AP) — Harrison Bader and Tyrone Taylor each drove in two runs in a four-run first inning, star closer Edwin Díaz was not used in a save situation and the New York Mets beat the Miami Marlins 7-3 on Sunday for just their second win in seven games.
Brandon Nimmo homered and Francisco Lindor singled twice following a 1-for-27 skid as the Mets rebounded from blowing a four-run, ninth-inning lead on Saturday and avoided a three-game sweep. New York stopped Miami’s four-game winning streak.
“You’re not defined by what you do the day before. You’re defined by how you get up from adversity,” Lindor said. “We wanted this one for sure. I think it’s important to win after a tough loss like that.”
Sean Manaea (3-1) allowed two runs and five hits in five innings. Sean Reid-Foley and Jake Diekman pitched an inning each, and Reed Garrett got his second save by allowing one hit over two innings with four strikeouts in a 34-pitch outing.
Díaz has a 10.80 ERA over his last eight appearances after serving up four homers in 8 1/3 innings. He has blown three of his last four save chances.
“We all believe in him. We all know he’s going to be back,” Garrett said. “Whenever my name’s called, I’ll pitch, but I know as a collective unit we all believe in Edwin and we know what he can do.”
New York (21-25) had dropped five games under .500 on Saturday for the first time since an 0-5 start.
“Not an easy weekend, not the way we expected, but we just have to continue to move forward,” Mets manager Carlos Mendoza said. “Today was a huge win for us.”
With New York ahead 4-3, Nimmo hit a two-run homer off Anthony Bender in a three-run ninth that included Brett Baty’s RBI single.
“I was just looking for a good pitch in the middle of the plate to drive,” Nimmo said. “I was able to hit that ball — good launch angle — and hit it hard. Found its way out of the ballpark.”
Nimmo returned to the lineup Saturday after missing two games because of a stomach illness.
“I’m coming around,” Nimmo said. “It’s been a little bit of a journey the last three days to get over the sickness. Right now, I’m just trying to get some appetite back. I’m definitely not at 100%. Just trying to battle through it and glad that I was able to help out there at the end and solidify the win.”
Dane Myers hit a two-run homer in the second, and Christian Bethancourt had a solo drive in the seventh against DIekman.
Sixto Sánchez (0-2) allowed four runs and six hits in four innings. He gave up Taylor’s two-out double in the first and Bader’s single.
“He was obviously better second through the fourth inning but he put us in a hole early,” Marlins manager Skip Schumaker said. “At this level it’s hard to come back from four runs every single time. He’s not giving his teammates a chance to win.”
Miami recalled right-handed reliever Emmanuel Ramirez from Jacksonville and optioned right-handed reliever Anthony Maldonado to the Triple-A farm team.
TRAINER’S ROOM
Mets: DH J.D. Martinez (flu symptoms) didn’t play but was available to pinch hit. Mendoza said Martinez played through the illness the prior two days.
Marlins: INF Tim Anderson (lower back tightness) homered and had three singles in five at-bats during a rehab game with Jacksonville on Saturday, then went 0 for 4 with a walk on Sunday.
UP NEXT
Mets: RHP Tylor Megill (0-1, 2.25) will start the opener of a three-game series at Cleveland on Monday. RHP Ben Lively (2-2, 3.06) will start for the Guardians.
Marlins: LHP Ryan Weathers (2-4, 3.81) is scheduled to start the opener of a three-game home series against Milwaukee on Monday. The Brewers will go with RHP Joe Ross (2-4, 4.61).
AP MLB: https://apnews.com/hub/mlb
New York Mets' Sean Manaea delivers a pitch during the first inning of a baseball game against the Miami Marlins, Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)
New York Mets' Brandon Nimmo (9) and Francisco Lindor (12) congratulate each other after they scored on a double by Tyrone Taylor, during the first inning of a baseball game against the Miami Marlins Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)
New York Mets center fielder Harrison Bader is unable to catch a ball hit by Miami Marlins' Josh Bell for a double, during the first inning of a baseball game, Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)
Miami Marlins third base Emmanuel Rivera, right, tags out New York Mets' Harrison Bader as he slides into third base during the fourth inning of a baseball game, Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)
New York Mets center fielder Harrison Bader (44) catches a ball hit by Miami Marlins' Josh Bell as both he and left fielder Tyrone Taylor (15) vie for the ball during the fifth inning of a baseball game, Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)
New York Mets relief pitcher Reed Garrett, right, and catcher Omar Narvaez celebrate after the Mets beat the Miami Marlins 7-3, during a baseball game, Sunday, May 19, 2024, in Miami. (AP Photo/Wilfredo Lee)
