US jobless claims record modest hike last week

Initial claims for US unemployment benefits witnessed a modest hike of 2,000 to 230,000 applications in the week ended Sept. 7, albeit still showing no signs of an increase in layoffs.

This came contrary to expectations for 225,000 claims compared to the previous week's reading, which was revised up by 1,000 to 228,000 applications.

Likewise, the four-week moving average for new claims, a better measure of labor market trends as it irons out weekly fluctuations, also added 500 claims to reach 230,750 in total, versus last week’s revised-upward average of 230,250 applications.

This data reflected the US labor market's healthy stance despite the significant pullback in new job openings and hirings. However, companies still see enough demand to maintain current employment levels.