US jobless claims hit one-year high

Initial claims for US unemployment benefits reached their highest level in more than a year in the week ended on Oct. 5, reflecting the potential slowdown in the labor market.

 

The claims increased by 33,000 to 258,000, the highest since Aug. 5, 2023, the Labor Department data showed.

 

This came against expectations for an uptick to 231,000 claims, from last week's unrevised average of 225,000.

 

The four-week average of claims, which evens out some of that weekly volatility, rose by 6,750 to 231,000, compared with the previous week's unadjusted average of 224,250.

 

This was boosted by Hurricane Helene and the sharp rise in jobless claims in Florida and North Carolina. Economists expect the full impact of the storm to extend over several weeks.

 

US Weekly Jobless Claims

Item   

Last Year

Last Week

Current   Week

Change   

Initial Claims ('000)

211.0

225.0

258.0

33+

4-Week Average ('000)

212.5

224.25

231.0

6.75

No. of Beneficiaries (mln)

1.800

1.819

1.861

0.042

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