The number of Americans filing for unemployment benefits for the first time rose as expected last week, but remained in a stable range despite concerns about economic uncertainty due to tariffs.
Seasonally adjusted weekly jobless claims rose to 222,000 for the week ended April 19, up from 216,000 the previous week. Economists had expected a reading of 222,000.
The four-week moving average, an indicator used to smooth out weekly data volatility, was 220,250, slightly lower than the previous reading of 221,000.
Last week, jobless claims hit a two-month low, suggesting that labor market conditions remained stable throughout the month, even as businesses appeared increasingly cautious about hiring amid the uncertain economic climate.
Economists have warned that higher tariffs, such as those introduced by US President Donald Trump, could stoke inflationary pressures and dampen economic activity. Many companies have also said that the uncertain impact of the tariffs makes it difficult for them to plan investments.
Federal Reserve Chairman Jerome Powell also acknowledged the increased uncertainty caused by the inconsistent introduction of tariffs, adding that early signs point to a possible economic slowdown in the first quarter of this year.
Earlier this month, Trump shocked financial markets when he announced massive tariffs on a range of countries. He later delayed the implementation of some of the tariffs for 90 days, but a 10% import tax and tariffs on products such as steel, aluminum and vehicles remain in place.
