Braking Down The News

Jobless Claims Rose Slightly Last Week but Remain Close to Prepandemic Average

Many employers continue to hold on to workers in a tight labor market, though some companies have started cutting staff

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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.

Initial jobless claims, a proxy for layoffs, increased to a seasonally adjusted 213,000 last week from a revised 208,000 the previous week, the Labor Department said Thursday. The total was slightly lower than the prepandemic average of 218,000 in 2019, when the labor market was also tight.

 

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