Jobless Claims Climbed More Than Expected Last Week

By Matt Grossman

U.S. initial jobless claims rose last week, according to the Department of Labor, reaching their highest level since February but remaining broadly within a range that has held over the past year.

In the week through April 26, 241,000 people newly filed for unemployment benefits, compared with 223,000 the week prior. Economists polled by The Wall Street Journal had been forecasting 225,000 initial claims.

That was the greatest number since the week through Feb. 22, but remained broadly within a range that has held for 12 months. Over the past year, no week has brought more than 259,000 new claims nor fewer than 205,000, after seasonal adjustments.

The number of continuing claims, a gauge of the size of the unemployed population, rose to 1.92 million in the week through April 19, compared with 1.83 million the week before and the greatest number since November 2021. The continuing-claims numbers lag the numbers on new filings by a week.

A mixed mosaic of economic data has shown an ambivalent view of how the U.S. economy has been holding up both before and after the steep new tariffs President Trump rolled out last month.

In surveys, corporate bosses say that uncertainty has frozen their plans, and consumer polls also reflect intensifying unease. A Commerce Department report published Wednesday showed that the economy contracted in the first three months of the year--although its underlying health looked strong setting aside trade-related effects.

Any sign of a deteriorating labor market would quickly ramp up the anxiety, but so far, employment figures haven't given economists acute reason to worry. Analysts are expecting the April unemployment report due Friday to show that the economy added 133,000 jobs last month, enough job creation to hold the unemployment rate steady at 4.2%

Write to Matt Grossman at matt.grossman@wsj.com