US applications for unemployment benefits rose to their highest level since June, adding to evidence that the labor market is cooling.
Initial claims rose 8,000 to 237,000 in the week ending August 30. The median forecast in a Bloomberg survey of economists was for 230,000 applications.
Continuing claims, a proxy for the number of people receiving benefits, were little changed at 1.94 million in the previous week, according to Labor Department data released Thursday. Companies are increasingly hesitant to hire as they assess the economic impact of President Donald Trump's policies. Hiring plans fell to the weakest level for August in records from job placement firm Challenger, Gray & Christmas since 2009, while layoff plans increased.
The four-week moving average of new jobless claims, a metric that helps smooth out volatility, rose to 231,000, the highest since July. Before adjusting for seasonal factors, initial applications increased last week. Connecticut and Tennessee saw the largest increases.
Hiring at U.S. companies slowed last month, according to ADP Research data released Thursday morning. The Federal Reserve and investors will get a more comprehensive update on the health of the labor market on Friday with the release of the government's August employment report. Economists expect sluggish job growth and a rise in the unemployment rate to return this month. (alg)
Source: Bloomberg
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