US jobless claims rise as expected, reflecting labor market weakness

US jobless claims rose as expected during the week ending April 5, signaling continued weakness in the labor market.

Data released Thursday by the US Department of Labor showed initial claims for unemployment benefits increased by 4,000 to 223,000 for the week.

This compares to expectations that claims would rise to this level from an unadjusted average of 219,000 in the previous week, according to the report.

Additionally, the four-week moving average of claims, considered a more reliable measure of labor market performance, held steady at 223,000.

Despite rising recession fears in the US due to protectionist trade policies, the labor market has remained resilient, with jobless claims staying below 226,000 for the sixth consecutive week.

This stability comes even as the government, under Elon Musk's leadership at the Department of Government Efficiency, seeks to reduce the federal workforce to cut government spending.