Applications for US unemployment benefits rose more than expected, adding to evidence that the labor market is cooling.
Data from the US Labor Department released Thursday showed initial jobless claims rose by 8,000 to 237,000 for the week ending August 30, their highest level since late June.
The number was expected to rise to 230,000, from the previous week’s unrevised reading of 229,000.
The four-week moving average of claims (a more accurate measure of labor market performance) also increased by 2,500 to 231,000, compared to the previous week’s unrevised average of 228,500.
This data comes a day before the release of the monthly US jobs report, which could play a crucial role in the Federal Reserve’s interest rate decision at its September meeting. The report is expected to show the economy added 75,000 jobs.
Weekly US Jobless Claims
Item
Last Year
Last Week
Current Week
Change
Initial Claims (‘000)
228
229
237
8
Four-Week Average (‘000)
230
228.5
231
2.5
Total Beneficiaries (mln)
1.849
1.944
1.940
(0.004)
Applications for US unemployment benefits rose more than expected, adding to evidence that the labor market is cooling.
Data from the US Labor Department released Thursday showed initial jobless claims rose by 8,000 to 237,000 for the week ending August 30, their highest level since late June.
The number was expected to rise to 230,000, from the previous week’s unrevised reading of 229,000.
The four-week moving average of claims (a more accurate measure of labor market performance) also increased by 2,500 to 231,000, compared to the previous week’s unrevised average of 228,500.
This data comes a day before the release of the monthly US jobs report, which could play a crucial role in the Federal Reserve’s interest rate decision at its September meeting. The report is expected to show the economy added 75,000 jobs.
Weekly US Jobless Claims
Item
Last Year
Last Week
Current Week
Change
Initial Claims (‘000)
228
229
237
8
Four-Week Average (‘000)
230
228.5
231
2.5
Total Beneficiaries (mln)
1.849
1.944
1.940
(0.004)
