In a potential signal of labor market softness, the number of Americans filing for unemployment benefits spiked to the highest level in over a year. Last week, 258,000 individuals filed for jobless claims, exceeding analyst expectations of 229,000. This jump of 33,000 claims, reported by the Labor Department on Thursday, represents the highest count since early August 2023. While some experts suggest recent hurricanes may have contributed, the uptick raises questions about the broader job market.
Weekly and Long-Term Jobless Trends
Jobless claims, often viewed as an indicator of layoffs, can be volatile week to week. The four-week average, which smooths out this volatility, rose by 6,750 to 231,000. Additionally, the number of continuing claims – individuals collecting unemployment benefits – climbed by 42,000 to 1.86 million for the week of September 28, the most since July.
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