The numbers: Initial jobless claims rose by 6,000 to 222,000 in the week ending April 24, the Labor Department said Thursday.
Economists polled by The Wall Street Journal had estimated new claims would rise by 5,000 to 220,000.
Last week, claims fell by a revised 8,000 to 216,000. The initial estimate called for a decrease of 9,000 to 215,000.
Key details: The number of new claims based on actual filings — that is, before seasonal adjustments — fell 11,214 to 209,782 in the latest week.
The number of people already collecting unemployment benefits in the week of April 12 fell 37,000 to 1.84 million, the government said.
Big picture: Claims have been in a steady range this year. Many economists have said that the lack of layoffs is a good sign for the economy.
But Ellen Zentner, chief economist strategist for Morgan Stanley Wealth Management, said she doesn’t think the low levels of jobless claims mena the economy is in the clear.
At the start of the year, the labor market was strong. Now there is a lack of churn, she said. People aren’t leaving their jobs and companies are not hiring or firing, she said.
With the economy still growing, it means that the growth of the labor market is not keeping up and there could be weakness ahead.
The big question is at what point the labor market is weak enough for the Federal Reserve to react and cut rates, Zentner stated.
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