The number of Americans applying for unemployment benefits last week jumped to its highest level since October 2021, even as the labor market remains one of the healthiest parts of the U.S. economy.
Applications for jobless claims rose to 261,000 for the week ending June 3, an increase of 28,000 from the previous week's 233,000, the Labor DepartmentThursday. The four-week moving average of claims, which evens out some of the weekly variations, rose by 7,500 to 237,250.
"Weekly claims are up from exceptionally low levels throughout 2022 which sometimes dipped below 200,000 per week," Stuart Hoffman, senior economic advisor at PNC, said in a note. "Job losses have begun to spread from the tech and finance industries that had dominated headlines through the end of last year and into the first five months of 2023. Headline-grabbing layoff announcements, however, typically take some time to be put into effect."
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