Rise in Jobless Claims
Jobless claims unexpectedly surged higher last week, reaching nearly a one year high of 249,000. Continuing claims also increased, indicating challenges in finding new work for Americans who have lost their jobs.
Key Points
- Jobless claims surged by 14,000 to 249,000, exceeding forecasts.
- Continuing claims increased by 33,000 to 1.88 million, the highest since 2021.
- Risks of labor market weakening and rising inflation are balanced according to the Federal Reserve.