Jobless Claims Jump to 243,000, Continuing Claims Rise to Highest Since 2021

The number of Americans applying for unemployment benefits unexpectedly soared last week. The Department of Labor said Thursday that new claims for unemployment benefits rose by 20,000 to 243,000 last week. Claims were boosted by a spike in claims in Texas after Hurricane Beryl. Jobless claims are a proxy for layoffs. While they have climbed somewhat in recent months, signaling a cooling of the labor market, they are still at a level that is low by historical standards. Claims can be volatile week-to-week so economists look to the four-week moving...