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
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.