The latest data from the US Labor Department indicates that initial claims for unemployment benefits rose by 10,000 to a seasonally adjusted 200,000 for the week ending May 2, falling short of economists' expectations of 205,000 claims. This uptick comes amidst a backdrop of low layoffs, with 0.95 job openings for every unemployed individual in March, slightly up from 0.91 in February. Despite significant layoffs in the technology sector, attributed to the integration of artificial intelligence, claims have consistently remained below 230,000 this year. In April, US-based employers announced 83,387 job cuts, a 38% increase from March but a 21% decrease from the previous year. Year-to-date, job cuts total 300,749, reflecting a 50% decline compared to the same period in 2022. Economists caution about potential risks to the labor market from rising commodity prices due to disruptions in the Strait of Hormuz, although there are no immediate signs of an oil price shock affecting employment. The unemployment rate is projected to hold steady at 4.3%, with a slight chance of rounding down to 4.2%.