New York CNN —First-time applications for unemployment benefits rose last week to 231,000, the highest level since August, in another sign that the white-hot labor market is starting to cool off.
Thursday’s data also showed that the number of continuing claims, or applications from people who have filed for unemployment for at least one week, was 1.78 million.
That’s an increase of 17,000 from the prior week, according to the Bureau of Labor Statistics.
Although the unemployment rate ticked up to 3.9% last month, it’s the 27th consecutive month that the jobless rate has held under 4%, matching a streak last seen in the late 1960s.
The Federal Reserve has been battling inflation by raising its key lending rate in the hopes of slowing the economy.
Persons:
”, Chris Rupkey, Jerome Powell, ” Ian Shepherdson, It’s
Organizations:
New, New York CNN, Bureau of Labor Statistics, “, Federal Reserve, Pantheon Economics
Locations:
New York, Fwdbonds