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US Jobless Claims Hit Eight-Month High as Labor Market Cools

  • Initial unemployment claims increased last week to 251,000
  • Continuing claims up 51,000, largest advance since November
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Applications for US state unemployment insurance rose for a third week to the highest since November as more companies announce job cuts, suggesting some softening in the labor market.

Initial unemployment claims increased by 7,000 to 251,000 in the week ended July 16, Labor Department data showed Thursday. The figures coincide with the reference period for the July jobs report that’s due early next month. The median estimate called for 240,000 applications in a Bloomberg survey of economists.