U.S. Jobless Claims Rose Last Week to Near High for Year
Despite uptick in filings, layoff proxy remains consistent with a tight labor market
Worker filings for unemployment benefits rose last week, holding close to the highest level of the year as the U.S. labor market showed several signs of cooling.
Initial jobless claims, a proxy for layoffs, increased slightly to a seasonally adjusted 260,000 last week from a downwardly revised 254,000 the prior week, the Labor Department said Thursday. The total is close to the 2022 peak set earlier in July of 261,000 and above the 2019 prepandemic weekly average of 218,000, when the labor market also was strong.