FILE - A hiring sign is displayed at a retail store in Mount Prospect, Ill., Friday, Jan. 13, 2023. On Thursday, the Labor Department reports on the number of people who applied for unemployment benefits last week. (AP Photo/Nam Y. Huh, File)
The number of Americans applying for unemployment benefits last week jumped by the most in five months, but layoffs remain historically low as the labor market continues to be largely unaffected by the Federal Reserve’s interest rate hikes.
Applications for jobless claims in the U.S. for the week ending March 4 rose by 21,000 to 211,000 from 190,000 the previous week, the Labor Department said Thursday. It’s the first time in eight weeks that claims came in above 200,000.
The four-week moving average of claims, which flattens out some of the weekly ups and downs, rose by 4,000 to 197,000, remaining below the 200,000 threshold for the seventh straight week.
Applications for unemployment benefits are considered a proxy for layoffs.
About 1.72 million people were receiving jobless aid the week that ended Feb. 25, an increase of 69,000 from the week before.
