By Dino @Adobe Stock

Jarrell Dillard of Bloomberg reports that initial applications for jobless benefits rose to 249,000 last week, the most since August 2023. Dillard writes:

Initial applications for US unemployment benefits jumped to the highest level in almost a year, adding to evidence that the labor market is slowing.

Initial claims increased by 14,000 to 249,000 in the week ended July 27, according to Labor Department data released Thursday. The median forecast in a Bloomberg survey of economists called for 236,000 applications. Michigan and Missouri were among states with large gains.

Continuing claims, a proxy for the number of people receiving unemployment benefits, also rose to 1.88 million in the week ended July 20, the highest since November 2021. […]

Hiring plans announced so far this year are the lowest since 2012, Challenger data show.

Economists are expecting moderation in job growth in the government’s July employment report due Friday. Forecasters anticipate the unemployment rate remained steady at 4.1%.

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