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Unemployment Claims Surge, GDP Shrinks As Recession Fears Rise Under Trump
Unemployment claims unexpectedly rose as the US economy shrank amid President Donald Trump's sweeping tariffs, further escalating concerns of a coming recession.
Initial unemployment claims jumped to 241,000 for the week ending Monday, April 26, according to Department of Labor data released on Thursday, May 1. That's the largest weekly number since February and 18,000 more than the prior week.
The surge pushed the four-week moving average to 226,000 first unemployment claims. The 241,000 claims were also well above the Dow Jones estimate of 225,000, CNBC reported.
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