Overview

• Initial unemployment claims increased by 18,000 to 241,000 for the week ending April 26, exceeding economists' forecasts of 224,000.
• Continuing claims, representing those receiving benefits after an initial week, rose sharply by 83,000 to 1.916 million, signaling sustained labor-market strain.
• The U.S. economy contracted in Q1 2025 for the first time in three years, attributed to tariff-related import surges and reduced domestic demand.
• Major companies, including United Parcel Service, are cutting jobs, with UPS announcing 20,000 layoffs and 73 facility closures due to reduced demand for Amazon deliveries.
• Businesses are maintaining cautious hiring practices, reflecting uncertainty from trade policies and broader economic pressures.