Initial filings for unemployment benefits hit their highest level since late August 2023 in a potential sign that an otherwise robust labor market is changing.
Jobless claims totaled 231,000 for the week ended May 4, up 22,000 from the previous period and higher than the Dow Jones estimate for 214,000, the Labor Department reported Thursday.
The increase in claims follows a string of mostly strong hiring reports, though hiring in April was light compared to expectations. Also, job openings have been declining amid expectations that the labor market is likely to slow through the year.
Along with the move higher in layoffs, the report showed that continuing claims, which run a week behind, increased to 1.78 million, up 17,000 from the previous week. The four-week moving average of claims, which helps smooth out weekly volatility in numbers, increased to 215,000, up 4,750 from the previous week.
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