03:22 PM EDT, 05/01/2025 (MT Newswires) -- Weekly applications for unemployment insurance in the US reached the highest level in about two months, while continuing claims were at a multiyear high, government data showed Thursday.

The seasonally adjusted number of initial claims increased to 241,000 in the week ended April 26 from the previous week's upwardly revised 223,000 level, according to the Department of Labor. The consensus was for a 223,000 reading in a survey compiled by Bloomberg. Initial jobless claims hit the highest since the week ended Feb. 22, government data showed.

The four-week moving average totaled 226,000, rising by 5,500 from the prior week's average, which was revised higher. Unadjusted claims increased by 12,901 on a weekly basis to 223,614.

For the week ended April 19, the seasonally adjusted continuing claims reached about 1.92 million, the highest level since Nov. 13, 2021, according to the DOL. The consensus was for a 1.87 million reading. Continuing claims increased by 83,000 from the previous week's downwardly revised level. The four-week moving average rose by 5,750 to 1.87 million from the prior week's print, which was adjusted downward.

The latest readings on initial and continuing claims might seem "bad news" on the surface, though the report contains details that suggest the weakness might be a one-off, Jefferies Chief US Economist Thomas Simons said in a note e-mailed to clients. "The timing of Easter wreaks havoc on the seasonal adjustment process every year, so there is always excess volatility."

US job cuts totaled 105,441 last month, up 63% year on year and the highest tally for April since 2020, according to a separate report released by Challenger Gray & Christmas Thursday. Sequentially, job cuts dropped 62% last month.

"Though the government cuts are front and center, we saw job cuts across sectors last month," said Andrew Challenger, senior vice president at the outplacement firm. "Employers are slow to hire and limiting hiring plans as they wait and see what will happen with trade, supply chain, and consumer spending."

Last month, US President Donald Trump announced sweeping new tariffs on imports, including from China. Trump later declared a 90-day pause on certain duties for non-retaliating countries, though Washington and Beijing have been in a deadlock.

The Bureau of Labor Statistics is expected to report Friday that the US economy added 135,000 nonfarm jobs in April, which would mark a drop from a 228,000 increase reported for the month prior, according to a Bloomberg poll.