U.S. data reports U.S. workers filed 263,000 claims for unemployment benefits last week, the highest level since October 2021 and another sign the job market is cooling. Will the Wall St. Journal start calling them “lucky duckies” again? Via CBS News:
The Department of Labor reported Thursday that claims for the week ending Sept. 6 were up 27,000 from the previous week’s revised level, a major jump that signals layoffs are on the rise. The four-week moving average for those seeking jobless aid is 240,500, an increase of nearly 10,000 from the previous week.
“One datapoint does not make a trend, but markets will see this big uptick in claims as the pop in layoffs that we have been waiting for,” Carl Weinberg, chief economist at High Frequency Economics, said in a research note.
[…] According to a Federal Reserve Bank of New York’s survey released earlier this week, people are growing more concerned about the state of the state of the labor market and the challenges of finding a job. Employers added only 22,000 jobs in August, far below economist forecasts of 80,000, while payroll gains averaged a meager 29,000 per month from June through August.
