News Story

U.S. jobless claims rise by 62,000 in latest week

- The number of people who filed for unemployment assistance in the U.S. last week rose far more than expected, according to official data released on Thursday.

The number of individuals filing for initial jobless benefits in the week ending September 2 increased by 62,000 to a seasonally adjusted 298,000 the Labor Department said. It was the highest level since April 2015.

Analysts had expected claims to rise to 241,000 last week.

Figures for the prior week were unrevised.

The four-week moving average rose by 13,500 to 250,250 last week. The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.

Continuing jobless claims, which measures the number of people still receiving benefits after an initial week of aid, came in at 1.94 million, down by 5,000 from the prior week.

Continuing claims have now been below the 2 million threshold for 21 consecutive weeks, pointing to shrinking labor market slack.

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