US Initial Jobless Claims Rise to One-Year High as Hiring Slows
- Applications rose to 249,000 last week, most since August 2023
- Michigan and Missouri saw large increases in jobless claims
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Initial applications for US unemployment benefits jumped to the highest level in almost a year, adding to evidence that the labor market is slowing.
Initial claims increased by 14,000 to 249,000 in the week ended July 27, according to Labor Department data released Thursday. The median forecast in a Bloomberg survey of economists called for 236,000 applications. Michigan and Missouri were among states with large gains.