Applications for US unemployment benefits rose last week to the highest level since June and continuing claims climbed, adding to evidence the US labor market is slowing.
Initial claims increased by 11,000 to 235,000 in the week ended Aug. 16. The median forecast in a Bloomberg survey of economists called for 225,000 applications.
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Continuing claims, a proxy for the number of people receiving benefits, rose to 1.97 million in the week ended Aug. 9, the highest since November 2021, according to Labor Department data released Thursday.
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A sustained pickup in new filings risks adding to concerns about the labor market after the most recent US jobs report showed subdued hiring and higher unemployment. The latest rise in continuing claims indicates out-of-work Americans are finding it increasingly difficult to find another job.
The four-week moving average of new applications, a metric that helps smooth out fluctuations from week-to-week, climbed to 226,250 — the highest in a month.
Before adjusting for seasonal factors, initial claims declined, led by California, Michigan and Texas. Initial applications increased in Kentucky, Massachusetts and Iowa.
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