New applications for unemployment benefits rose higher last week, but still remained near historic lows, suggesting a strong labor market is cooling off slightly as the economy slows.
Initial jobless claims, a proxy for layoffs, rose slightly 244,000 seasonally adjusted The prior week, up from 235,000 last week, the Labor Department said Thursday. The figure is slightly above the weekly average of 218,000 for the 2019 pandemic, when the US labor market was also strong.