US initial jobless claims hit highest level since 2021

(Sharecast News) - Americans lined up for unemployment benefits at an accelerated pace last week, according to fresh data from the Department of Labor, hitting the highest level for initial claims since October 2021. Initial jobless claims surged by 27,000 to a seasonally adjusted 263,000 in the week ended 6 September, well above consensus forecasts of a modest decrease to 235,000, while continuing claims, which track those still receiving benefits, was unchanged at 1.93m, better than the 1.95m expected.

The four-week moving average, which aims to strip out week-to-week volatility, came to 240,500, up by 9,750 from the previous week's downwardly revised print of 230,750. The insured unemployment rate held steady at 1.3%.



Reporting by Iain Gilbert at Sharecast.com