Jobless claims rise to 213,000 |
U.S. applications for unemployment benefits rose slightly after five consecutive weeks of decline as many employers continue to hold on to workers despite a slowing economy. The Labor Department said that initial jobless claims increased to a seasonally-adjusted 213,000 last week, from a revised 208,000 the previous week, and slightly lower than the prepandemic average of 218,000 in 2019, when the labor market was also tight. Economists polled by the Wall Street Journal had forecast new claims to total 214,000. The four-week moving average, which smooths out weekly volatility, fell by 6,000 to 216,750. Continuing claims, a proxy for the number of people who have been unemployed and have received benefits for more than one week, decreased slightly to 1.38m in the week ended September 10th from the previous week. Of the 53 states and U.S. territories that report jobless claims, 37 showed an increase and 16 reported a decline. “With monetary policy aimed at softening labor market conditions, demand for workers is set to moderate and layoffs are likely to pick up over time,” said Rubeela Farooqi, chief U.S. economist for High Frequency Economics. |
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