US Jobless Claims See Slight Increase Amid Labor Market Slowdown

The number of initial jobless claims in the US saw a slight increase last week, according to BlockBeats, suggesting that layoffs remain low despite the slowdown in the labor market. The US Department of Labor reported on Thursday that initial claims for unemployment benefits increased by 2,000 for the week ending September 7, bringing the total to 230,000. However, it is important to note that the data collection period included the Labor Day holiday, which typically causes fluctuations in the number of applications filed before and after the holiday.

Additionally, the number of continuing claims for unemployment benefits increased by 5,000 for the week ending August 31, to 1.85 million. This slight increase follows a trend in continuing claims that rose to levels not seen since the end of 2021 in July, but mostly decreased throughout August. This decline in continuing claims coincides with the decline in the unemployment rate seen last month