U.S. applications for unemployment benefits jumped to their highest level in two months last week but remain low relative to historical standards, the Associated Press reports.
Jobless claim applications climbed by 17,000 to 242,000 for the week of Dec. 7, the Labor Department reported today. That’s significantly more than the 220,000 analysts were forecasting and yet another data point that reflects a cooling labor market.
This week’s report also showed that continuing claims, the total number of Americans collecting jobless benefits, rose by 15,000 to 1.89 million for the week of Nov. 30. The four-week average of weekly claims, which softens some of the week-to-week volatility, rose by nearly 6,000 to 224,250.
Weekly applications for jobless benefits are considered a proxy for U.S. layoffs. While the job market has shown some cracks recently, it remains broadly healthy and has held up better than many experts predicted considering that interest rates have been elevated in recent years.
