U.S. first-time unemployment claims climb in late August
The numbers: The number of people who applied for unemployment benefits in late August rose slightly to 215,000, but layoffs remain remarkably low more than 10 years after the last recession and show little sign of rising even as the economy faces stiffer headwinds.
Initial jobless claims, a rough way to measure layoffs, increased by 4,000 to 215,000 in the seven days ended Aug. 24, the government said Thursday.What happened: Raw or unadjusted jobless claims jumped by more than 4,500 in New York, likely accounting for most of the increase in claims. New jobless claims were little changed in every other state.The four-week average usually gives a more accurate read into labor-market conditions than the more volatile weekly number.
The number of people in the U.S. already collecting unemployment benefits, known as continuing claims, climbed by 22,000 to 1.7 million. These claims are near a more than 40-year low.Big picture: Jobless claims are still extremely low and show no sign of rising. The strong labor market is propping up a U.S. economy being buffeted by a trade war with China and a slowing global economy. Consumers are still confident enough to spend and drive the economy forward.
There’s probably little reason to worry about until jobless claims shoot above 230,000 and move toward 250,000, economists say. Market reaction: The Dow Jones Industrial Average DJIA, +1.00% and the S&P 500 index SPX, +0.65% were set to open higher in Thursday trades.We Want to Hear from You Join the conversation
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