U.S. Jobless Claims Hit Three-Month High As Labor Market Cools
Applications for U.S. unemployment benefits rose by more than expected to a three-month high, a sign of cooling in the labor market.
(Bloomberg) -- Applications for US unemployment benefits rose by more than expected to a three-month high, a sign of cooling in the labor market.
Initial unemployment claims increased by 17,000 to 240,000 in the week ended Nov. 19, Labor Department data showed Wednesday. The median estimate in a Bloomberg survey of economists called for 225,000.
Continuing claims, which include people who have already received unemployment benefits for a week or more, rose by 48,000 to 1.55 million in the week ended Nov. 12, the highest since March.
Economists have been watching continuing claims more closely in recent weeks because they have been warning indicators of recessions in the past. Although the gauge is up from lows in May this year, it’s still well below last year’s levels and historical averages.
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